SNS Securities has raised its recommendation for the Dutch brewing force, Heineken, from "hold" to "add" following publication of the brewer's 2002 earnings.

"Although we acknowledge some clear risk due to the current international political tension, Heineken has proved it is able to deliver strong results in difficult circumstances, which justifies our upgrading," SNS analyst, Ton van Ooijen, said in a note.

SNS has retained its €41 price target on Heineken and its earnings per share forecasts for the brewer.