Scottish & Newcastle has had its share recommendation upped. Dresdner Kleinwort Wasserstein has raised the brewer to 'hold' from 'sell.' The company is due to announce its interim figures next week.

Dresdner upgraded its 2006 and 2007 earnings forecasts for S&N to 33.6 pence and 36.3 pence respectively, citing cost cuts at its 50:50 Russian joint venture Baltic Beverages Holding.

The target price for S&N's stock has also been raised, to 460 pence from 420 pence.