The Investment bank Lehman Brothers has cut its price target for UK brewer Scottish & Newcastle to 400 pence a share from 470p. The bank though did not revise its recommendation on the shares, which remains at "underweight".

Lehman also cut the brewers earnings per share forecast for 2004 by 25%.

"The recommendation remains unchanged at "underweight" within the context of a neutral recommendation on the sector as a whole," a spokesman for the bank commented.