Lehman Brothers has revised its ratings of a raft of European drinks companies in its latest industry review.

The broker said yesterday (16 January) that it has downgraded Davide Campari-Milano's rating from 'overweight' to 'equal-weight', reducing its price target from EUR8 to EUR.7.

Lehman reduced its price target on Remy Cointreau from EUR45 to EUR42, but did not change its 'underweight' stance.

Pernod Ricard also saw its price target cut from EUR86.5 to 83.5 to reflect currency moves, but retained its 'overweight' rating.

In the current economic downturn, the broker said that it views beverages as relatively defensive stocks and added that it believes spirits stocks will outperform beer this year.