UBS has increased its 2007 growth estimates for Heineken. However, in a research note the investment bank said it was maintaining its "neutral 1" rating on the Dutch brewer.

The note said that UBS was upping its 2007 group organic volume growth estimate to 6% from 3.7%. Net sales were also revised upwards from 6.3% to 8.2%.

UBS said it was raising its estimate for group operating profit by 1% in 2007 and 0.4% in 2008.

However, the underlying net profit growth estimate for 2007 was lowered to 14.3% from 14.8%.