The investment bank Credit Suisse First Boston has downgraded its rating on SABMiller, the brewer created with the merger of South African Breweries and Miller Brewing last year, to “underperform” from “neutral” today.
The move was a response to weakness in the US beer market, which would affect the US side of the business.
The bank said it had also cut the target price SABMiller to 400 pence per share from 450p. SAB shares closed on Friday at 370-1/2p.
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