Investment bank, ING Financial Markets, has lowered its price target and earnings per share forecasts for the Netherlands-based brewing combine, Heineken. The adjustment has been attributed to the weakness of the US dollar, according to Just-drinks.com.

"The US dollar development is the main reason why we lower our 2003 and 2004 estimates by respectively 1% and 4% and our target price by €2 to €45," ING said in a note.

23 December, 2002