Dresdner Kleinwort Wasserstein, the investment bank, has lowered its share price target for SABMiller from 530p to 440p. The bank has also reduced its rating on the brewing conglomerate, SABMiller, from "add" to "hold", blaming the current trading at its US operation, Miller.

SABMiller announced on January 23 that since SAB acquired the US brewer, US beer volumes were down by 3% in the six months. Dresdner bank said: "This continuing deterioration emphasises the risk in the market's assumption that Miller will return to profit growth in 2004."

27 January, 2003