Belgium: InBev’s ‘hold’ rating maintained, target price raised to €40.50

Analyst Johan van den Hooven T of Delta Lloyd Securities maintains his "hold" rating on InBev SA, while raising his estimate for the company. The 12-month target price has been raised from €39 to €40.50, Newratings released September 11.

In a research note published on September 11, the analyst mentioned that the company has posted better-than-expected 2Q results and robust organic sales growth for 1H. InBev posted 29% EBITDA growth for 1H, ahead of the estimates, driven by the performance of Ambev and currency impacts, the analyst says. The EPS estimates for 2006, 2007 and 2008 have been raised from €2.15 to €2.24, from €2.52 to €2.62 and from €2.81 to €2.93, respectively.

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