The investment bank, Fortis Bank, has downgraded shares in the Dutch brewer, Heineken, from "buy" to "hold", following the company's profit warning for the first half of the year, issued yesterday.

"We have reduced our recommendation ... since we fear that the critical months July and August may be weak as well," said Fortis analyst Nicole van Putten. Fortis also cut its target price for Heineken to €34 from €44.