Fortis Bank, the investment bank, has reduced its recommendation on the Dutch brewer, Grolsch, from "buy" to "accumulate". "The lower rating was due to a disappointing outlook for the brewer which this week posted a 5% increase in net profit for 2002 but declined to give a forecast for the coming year because of uncertain market conditions," the bank said

Fortis said: "We have lowered our 2003 and 2004 earnings per share (EPS) estimates by 6% and 12% respectively and foresee even negative profit growth in 2003 and 2004. We have changed our recommendation to 'accumulate' from 'buy' and set a target price of EUR 22."

24 February, 2003