Rabo Securities has upgraded Heineken, the Netherlands-based brewing group, from "neutral" to "outperform". However, Rabo has reiterated its "neutral" rating for the Belgian brewer, Interbrew, and an "underperform" rating for Grolsch, a Heineken’s competitor. Rabo said it expected Heineken to benefit the most from the anticipated improved trading conditions, especially in the USA.

24 September, 2003