Belgian brewing giant InBev has today (30 March) seen its share rating cut twice by industry analysts.

ING has lowered its rating on InBev to "hold" from "buy", noting uncertainty surrounding the level of the Brazilian real - which could hit its AmBev operations - and controversy over its cost-saving programmes in Western Europe.

"We see increasing risk in InBev. This is mainly related to further uncertainties regarding Brazilian economic policy. The perception of cost savings and product launches also raises the pressure," said ING.

The bank also lowered its target price on the stock from EUR44.7 (US$54.3) to EUR40.

Meanwhile, Morgan Stanley cut its rating on InBev to "equal-weight" from "overweight".

The moves come two days after around 2,000 workers protested at the brewer's HQ against its plans to shed jobs across Western Europe.