Three different investment organisations have upgraded their ratings for SABMiller, following the brewer's strong full-year results.

Merrill Lynch upgraded the company to "buy" from "neutral" and issued price targets of 741 pence and 92 rand ($13.64) on Friday.

"The strength of these results and the subsequent alleviation of our main concerns by management at the analyst's presentation, are driving our upgrade," Merrill Lynch said. "Those concerns were the risk relating to the Miller turnaround, risks of further large value destructive acquisitions, and for non-South African investors the potential for rand weakness."

French bank Exane BNP Paribas also raised its target price for SABMiller on Friday to 700 pence a share from 610p and kept an "outperform" stance.

To complete the hat-trick, Credit Suisse First Boston lifted its rating on the company to "neutral" from "underperform". The bank also increased its price target on the stock to 630 pence from 565p.