InBev's rating has been increased by two brokers.

ING has this week upgraded the brewer to 'buy' from 'hold', while maintaining a target price of EUR41.64.

"The chance of a deal for the InBev US brands is increasing, the crucial Brazilian results should remain strong, and the European results are heading for acceleration," ING analyst Gerard Rijk said in a note to clients.

InBev is producing positive news, Rijk added, noting that the share price had been disproportionately hit by recent weaknesses on emerging markets. The sale of Rolling Rock to Anheuser-Busch earlier this month was also cause for praise from Rijk.

Dresdner Kleinwort Wasserstein, meanwhile, has upped InBev to 'add' from 'hold', saying that recent selling was unjustified. While InBev's shares have suffered from emerging market worries, DKW said, there is no evidence of a slowdown in underlying trading in the emerging markets of Brazil and Russia.

The broker also raised its EPS forecast for this year, to EUR2.29 from EUR2.21, and to EUR2.54 from EUR2.47 for 2007.