Interbrew has had both its rating and price target upped by Rabo Securities, which today upgraded the Belgian brewer to "outperform" from "neutral." The brokerage also raised its target for Interbrew's share price, by €2, to €27.

Rabo believes the merger with AmBev will boost Interbrew's core profit margins.

Earlier this month, Delta Lloyd Securities also upgraded Interbrew to "outperform" from "in-line."