Allied Domecq has seen its price target raised by Dutch bank ING. The bank upped its target for the spirits group yesterday to 450 pence per share from 421p based, it said, on strong US sales over the festive period.

In a research note reported by Reuters, analyst Gerard Rijk said: "In addition, we believe that Allied has shown a better October-December growth rate than Pernod Ricard in the US."

ING currently has a "buy" rating on Allied.