Jefferies reaffirms its 'buy' recommendation and 110 euro price target on Heineken, noting that the brewer is 'at the start of a multi-year change program to drive superior growth with margin expansion'.

Ahead of the Dutch group's first-quarter 2024 trading update, scheduled for April 24, the broker says it anticipates a robust start to the year, with organic growth of +2.5% for volumes and +6.5% for sales.

The momentum of strong earnings in the second half of 2023 in Europe and America should naturally continue in the first half of 2024, putting Heineken on the right footing to both meet forecasts and reinvest", he continues.

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