UK: UBS investment banks posted on March 24 that it had raised its price target on the world’s second biggest brewer SABMiller to 590 pence a share from 560p, and kept its “hold” rating on the stock. The bank said it had upgraded its price target after making a 2% increase in earnings-per-share estimates.

Deutsche Bank also raised its rating on March 24, to “hold” from “sell” for the brewer, and upgraded its price target to 570p a share from 480p.

Earlier this week, SABMiller said that its organic lager volumes grew by just over 3% for the 11 months to February 2004. The company said that its operating performance remains strong, although its US business Miller saw sales to retailers (STRs) for the 11 months down by 2.7% on a pro forma basis.

26 March, 2004