SABMiller has had its price target raised by both CSFB and Deutsche Bank. The upgrades followed a presentation by the company to institutional investors in London yesterday.

CSFB today raised its target to £6.75 from £6.30, while Deutsche Bank lifted its price aim to £6.80 from £6.20.

Although CSFB was impressed by SABMiller's 'holistic' approach to its European business, it said the main reason behind its decision to rise its price target was the continued strength of the South African Rand.

Deutsche Bank cited positive trends for its Miller business and reassuring comments from the brewer on its European businesses. "The feature of SABMiller over the last year has been exceptional earnings momentum and at this stage there is little sign of a slowdown," the broker said. Deutsche Bank kept its 'hold' rating on the company.