The investment bank, Credit Suisse First Boston (CSFB), has raised its price target on the international brewing combine, SABMiller, from £4.20 to £4.50 following the brewer's upbeat trading statement on Monday.

CSFB retained its "neutral" rating on the stock.

SABMiller, the second largest brewer in the world, said on Monday that it had had a "strong" five-month period to 31 August 2003, with the European, South African and Africa and Asian businesses each delivering good earnings growth. However, the US Miller division continued to struggle.