Heineken's Pallid Europe Summer Casts a Pall over Bright Quarter
Dow Jones10-28
0730 GMT - Lacklustre volume growth in Heineken's European backyard could be a cause for concern given hopes for a summery boost, analysts at JPMorgan write. The Dutch brewer beat expectations for global volume growth at nearly 5% over the third quarter, but that impetus was largely driven by sales in Asia-Pacific, with European volumes inching up only 0.6% on year. That "should somewhat disappoint on expectations of upside risk from the weather," even as the overall performance should go down well with investors, JPM says. The bank has a neutral rating and a 70-euro target on Heineken stock, which closed Tuesday at 76.78 euros.
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