WestLB has started coverage of Heineken with a 'neutral' recommendation. The German investment bank gave the Dutch brewer a €26 share price target.

WestLB's analyst said Heineken's main markets, Western Europe and the US, are under increasing pressure. It said Europe was suffering from hard discounters and their private label beer brands, while in the US, beer was being hit by spirits and wine.

WestLB did add that Heineken was fighting back with acquisitions in emerging markets and was boosted by the revival in the US dollar.