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BELGIUM: Interbrew downgraded on first half fears

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Rabo Securities has cut its forecast for the Belgian brewer Interbrew while Bank Puilaetco removed the company from its recommended stocks. The move comes before a trading update from the brewer tomorrow.

Rabo Securities has cut its 2003 earnings-per-share forecast on a recurring basis to €1.32 from €1.60, saying it expected the lower dollar against the euro to cost Interbrew between €20 and €30m in the first-half of the year.

Rabo has kept its "underperform" rating on the brewer.

Bank Puilaetco, meanwhile, removed Interbrew from its "recommended" list on an increased probability that Interbrew will disappoint the market with its update on Wednesday.


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