UK: Morgan Stanley re-rates European brewers
The investment bank Morgan Stanley has reworked its ratings on two of Europe's largest brewers.
Its analysts said today that Dutch brewer Heineken had been re-rated to "overweight" from "equal-weight" while the UK brewer Scottish & Newcastle had been downgraded to "underweight" from "equal-weight".
"We expect 2003 to be more challenging for drinks companies. While we expect good organic growth despite a tough consumer environment, reported results will be held back by currency, pensions and various one-off factors," Morgan Stanley analyst Alex Oldroyd said.
The bank said its top picks in the sector Diageo, rated at "overweight", and Heineken.
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Grupo Empresarial Bavaria is not looking to sell up, its president has confirmed....
The chief financial officer of Brau Union has resigned....
Diageo has appointed Dr Franz B Humer, chairman and CEO of the pharmaceutical group Roche, to the Diageo board, effective from Friday (1 April)....
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