The investment bank, UBS Warburg, has upgraded the Dutch brewing group, Heineken, from "hold" to "buy" and has raised its price target for the brewer from €42 to €45.

The move by UBS Warburg follows an announcement last week by ING which also upgraded its rating on Heineken from "hold" to "buy" on the expectation that the brewer will show better growth than its European competitors. ING also said the upgrade stemmed from the company's "improved position on acquisitions and its low-risk status".