InBev has had its rating shifted by Goldman Sachs.

The investment broker said today (1 June) that it was lowering its coverage of the brewer to 'neutral' from 'buy'. A price target of EUR64 remained unchanged.

Goldman Sachs said it remains positive about InBev, but a 62% rise in the share price in the last year has led it to cut its recommendation. The broker added that it sees a limited upside to InBev's 12 month target price, despite its first quarter results showing strong management skills.

The global brewer recently reported that net profit for the first three months of this year leapt by 69% year-on-year, reaching EUR280m (US$378.8m). Revenues rose 8.9% to EUR3.05bn from EUR2.79bn.