WestLB has lowered its rating on SABMiller to "neutral" from "outperform".

The German investment bank said that shares in the brewer were unlikely to outperform in the short-term.

WestLB analyst Ben Maitland said in a research note: "After updating and refining our assumptions for the Bavaria acquisition's impact on SABMiller's fiscal year 2006 and 2007, we see little further upside potential for SABMiller's share price in the immediate future."

Maitland kept a target price for the company's stock of 1,000 pence.