Two investment analysts have altered their recommendations on Scottish & Newcastle.

Following rumours of brewery closures in the UK, S&N has seen its recommendation shifted by a number of analysts this week.

ING investment bank has upgraded its recommendation to "hold" from "sell", saying that the brewer appears to have solved its supply problems in the UK. In a research note released yesterday, ING said: "We reward S&N's earlier-than-expected UK recovery, its Russian exposure and its clear focus on integration.

"What we … like is increasing proof of S&N's commitment to less acquisitions and its focus on internal growth," it added.

Meanwhile, Panmure, part of investment bank Lazard, has cut its rating on S&N to "sell" from "hold", with a price target of 335 pence. No further details were given.

Dresdner Kleinwort Wasserstein yesterday moved its rating for the brewer to "sell" from "hold".