UBS reaffirms its 'buy' recommendation on Heineken and its price target of 101 euros, a target that implies a 16% upside potential for the stock, pending the Dutch brewer's next earnings release.

The broker expects organic revenues and volumes to be in line with consensus for the fourth quarter of 2023, but expects organic EBIT to be ahead of expectations, which should be offset by a more cautious outlook for 2024.

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