Heineken: share up as RBC more bubbly about beer

(CercleFinance.com) - Heineken shares rose in Amsterdam on Friday, boosted by a favorable recommendation from RBC, which is more optimistic about the beer sector in general.


At around 2:45 pm, the Dutch brewer's shares were up 1.1%, outperforming the AEX index, which was up 0.5% at the same time.

RBC points out that analysts' growth estimates have been reduced over the past 12 months, and now suggest around 4% growth.

Its own sales forecasts for 2025 and 2026 are 1% above consensus, it adds.

The analyst expects operating margins to remain broadly stable over the next three years, even taking into account the group's investment efforts.

Based on its conservative estimates, Heineken shares are trading at an attractive 14.9x, compared with 15.9x for the sector as a whole, it concludes.

As a result, RBC has upgraded the stock from 'sector perform' to 'outperform', with a target price raised from E80 to E92.

The broker has also upgraded its recommendation on Carlsberg from 'sector perform' to 'outperform'.


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