UBS has reaffirmed its 'buy' recommendation on Heineken, and has raised its target price from €101 to €105, representing an estimated upside potential of 14% for the stock, the day after the Dutch brewer's quarterly trading update.

The improvement in Heineken's competitiveness in a number of key markets and its commitment to intensified marketing give us confidence in the sustainability of good volume momentum", says the broker in the summary of its note.

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