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Heineken: Bryan Garnier cuts target, maintains 'buy'

(CercleFinance.com) - Bryan Garnier has cut its "fair value" for the Heineken share to 99 euros from 101 euros, while maintaining a "buy" rating ahead of next week's results and guidance.

The broker has reduced its adjusted EBIT forecasts by about 175 million euros per year on the back of the persistent strength of the euro against most of Heineken's operating currencies.

As a result, Bryan Garnier expects the Dutch brewer to deliver only 5% reported adjusted EBIT growth in 2018, compared to 9.7% previously.

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