Morgan Stanley has upped its price target for Interbrew. The broker increased its target for the brewer to €30 from €28 after Interbrew released the prospectus for its merger with AmBev.

"We believe bigger buybacks by AmBev than we currently model, the realisation of greater cost savings in Interbrew and revenue synergies that are not currently included in our forecasts could provide further upside," Morgan Stanley analysts said in a research note.

"The documents released by the company provide greater clarification for our forecasts, confirming some of the potential for upside that we outlined previously," they said, reiterating the broker's 'overweight' rating on the stock.