Heineken upgraded to Sector Perform from Underperform at RBC Capital

RBC Capital analyst James Edwardes Jones upgraded Heineken (HEINY) to Sector Perform from Underperform with a price target of EUR 80, up from EUR 75. The firm notes that the company’s latest results suggest that much of the justification for its previous negativity is being addressed, the analyst tells investors in a research note. Heineken has delivered a modest beat and has also done so while increasing its marketing spend ratio significantly, RBC notes, adding that this gives the firm some confidence that the decline in marketing over the last decade will continue to at least partly reverse.