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April 28, 2003

THE NETHERLANDS: Rabo cuts Heineken rating

Analysts at Rabo Securities have cut their rating on the Dutch brewer Heineken to "neutral" from "outperform", citing the lower dollar, the impact of SARS and the generally weak economy.

Analysts at Rabo Securities have cut their rating on the Dutch brewer Heineken to “neutral” from “outperform”, citing the lower dollar, the impact of SARS and the generally weak economy.


Rabo reduced the price target to €36 from €40.


The bank also feared that Heineken could overpay for pay if it was successful in bidding for the Austrain brewer BBAG.

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