UBS Warburg has raised its targets on four beverage companies, Anheuser-Busch, Coca-Cola, Adolph Coors and Constellation Brands.

Coca-Cola was raised to a "strong buy" with the 12-month price target up to US$65 from US$55.
Anheuser-Busch is rated as "hold" and the targets are moved to US$56 from US$46 after talks with distributors since the company's annual wholesaler meeting.

Adolph Coors Co has seen its 12-month price target raised to US$78 from US$63, reflecting higher earnings per share estimates. UBS has a "buy" rating on Coors.
UBS beverage analyst Caroline Levy raised her 2002 earnings per share estimate on Coors to $4 from $3.70 and raised her 2003 earnings per share to $4.60 from $4.15. Levy cited major cost initiatives, solid sales trends and an initial restructuring announcement in the UK, for the increase.

Feedback from Coors distributors attending an annual convention has been "overwhelmingly positive," Levy said in a research note.

Levy raised her 12-month price target on Constellation Brands to $62 from $58 "based on news from our distributor contacts that Corona volumes have remained very robust through March," she said. The wine business is also expected to show "strong results".