The investment bank Lehman Brothers has raised its target price for the international brewer InBev to €34 from €31.

A research note said the move was due to rising investor confidence in InBev's Brazilian unit AmBev.

Analyst Ian Shackleton said: "Having spent three days with AmBev management we are increasingly confident of the company's ability to maintain its spectacular profit growth momentum.

"We believe AmBev can grow EBITDA at double digit (rates) in euro terms from full-year 2005-2008 owing to continued growth in Brazil, successful roll-out in Latin America and efficiency gains in Canada."