HSBC ups Heineken to 'buy' from 'hold', citing 'enough negativity'

Heineken NV

01/04/2026 07:53

** HSBC upgrades Dutch brewing giant Heineken HEIN.AS to "buy" from "hold" as the market has priced in the risks of slowing revenue growth

** Broker expects the upcoming appointment of a new CEO to act as a catalyst by intensifying the firm's performance culture and accelerating revenue

** HSBC notes the share price implies negative long-term growth and adds that the brewer's emerging market footprint "doesn't square with such dire assumptions to us"

** It says normalisation in the Americas, Asia-Pacific and Africa could support 1Q performance, with the football World Cup a tailwind later in the year, despite continued volume pressure in Europe

** HSBC keeps its PT at 85 euros, citing valuation support while flagging risks from Middle East conflict, inflation, and pressure on beer demand in 2H26

** Out of 25 analysts that cover the stock, 17 rate it "strong buy" or "buy,"​ and seven rate it "hold" - LSEG data

 (Reporting by Jerome Terroy)

 ((jerome.terroy@thomsonreuters.com))