The investment bank, Lehman Brothers, has reduced its rating on the global brewing force, SABMiller, from “equal weight” to “underweight”, anticipating ongoing weakness in the brewer in 2003 and beyond.
However, Credit Suisse First Boston has raised its rating in the world’s second biggest brewer from”underperform” to “neutral”.
“We believe that the SAB strategy for Miller now involves downsizing the business to a stronger, more viable base. Although negative for short-term volumes, and ultimately, profitability, this should create a healthier business in the longer-term,” CSFB said.
