ING has upgraded its recommendation for Interbrew. The investment bank moved the Belgian brewer to "hold" from "sell" yesterday.

ING believes that Interbrew has room for growth as it focused on expanding internally, the Russian market recovered and temperatures remained warm.

Last week, Merrill Lynch cut its earnings per share forecast for Interbrew by 2% for 2004 and 3% in 2005. The bank reiterated its "buy" rating on the stock, however, thanks to growth since 1999.