SABMiller has had its share price target and recommendation raised. The moves follow the brewer's acquisition of a controlling stake in Grupo Empresarial Bavaria yesterday (19 July).

Credit Suisse First Boston today upped its target for the company's shares to 1,070 pence per share from 970p. The investment bank maintained its recommendation of 'outperform' on SABMiller.

WestLB, meanwhile upgraded the company to 'outperform' from 'neutral yesterday.

The broker said that the price tag for the stake in Bavaria, US$7.8bn, was reasonable as it expects cost savings and synergies of around US$100m per annum over the coming five years.