Interbrew's rating has been upgraded. ING raised its investment rating for the Belgian brewer to "hold" from "sell" today after strong results from its future partner Ambev.

"As newsflow on plant closures and volumes should remain good, we upgrade this high-valuation stock from "sell" to "hold"," ING said in a research note.

ING has a €23.21 target price for Interbrew shares, which closed at €24.96 at the end of last week.