The investment bank, Credit Suisse First Boston (CSFB), has upgraded the Belgian-based brewing combine, Interbrew, from "underperform" to "neutral" and said the valuation was set to improve.

News of the upgrade followed a fall in Interbrew's shares on Monday after it issued a lower profit forecast to certain analysts. CSFB said that most of the impact of that bad news was now already discounted in the share price and it was now targeting EUR 24 for the shares.

"Although we retain our negative view on the European brewers in general and believe that short-term issues may still weigh on the Interbrew share price in the next few months, we believe that the price has reached bottom at these levels," CSFB said in its research note.

11 December, 2002