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UK: InBev share rating downgraded

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InBev has had its share recommendation cut. CSFB yesterday (8 September) lowered its coverage of the brewer to 'neutral' from 'outperform', claiming that the stock is fully valued and that it sees no near-term catalysts.

The broker said that the company has "solid organic growth and margin progression but little to excite near-term." CSFB added that InBev's H1 results, also announced yesterday, highlighted its EBITDA growth of 20.8%, and that the post-merger group is well on track to hit its EBITDA margin target of 30% by 2007.

CSFB also lowered its earnings estimates for InBev for 2005 to €1.62 per share and to €1.82 for 2006, blaming higher anticipated interest costs.

The broker's current price target for the brewer was maintained at €31.5.


Sectors: Beer & cider

Companies: Anheuser-Busch InBev

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