Lehman Brothers has increased its target price on global brewer SABMiller. The investment bank raised the target to 1,500 pence from 1,230.
 
In a research note Lehman Brothers maintained its 'overweight' rating on the UK-based brewer. It added that future M&A activity in the sector would be good for beer stocks.

The note said that SABMiller is likely to seek discrete regional acquisitions to fill gaps in its portfolio, adding that it thought Russia a high priority for the company.

Lehman also raised its 2008 EPS estimate on SABMiller 5%. The 2009 and 2010 forecasts have increased by 6 pct and 8 pct respectively, to reflect that investment.