Rabo Securities has upgraded the Dutch-based brewing group, Heineken, from "neutral" to "outperform".

However, Rabo has reiterated its "neutral" rating for the Belgian brewer, Interbrew, and an "underperform" rating for Heineken's Dutch competitor, Grolsch. Rabo said it expected Heineken to benefit the most from the anticipated improved trading conditions, notably in the US.