The investment bank, UBS, has raised its price target on shares of the international brewing group, SABMiller Plc, from £5.25 to £5.45.

The bank based its decision on an improvement in the company's European growth outlook and currency movements which were positive for the brewer. UBS has retained its "buy" rating on SABMiller shares.

The move follows a decision yesterday by investment bank, CSFB, to raise its price target on SABMiller from £4.20 to £4.50 following the brewer's upbeat trading statement on Monday.