Heineken, which reports its 2003 figures on Wednesday, has suffered a multitude of analyst downgrades in the past year. Analyst tracker Starmine says 21 European analysts have downgraded their forecasts in the past six months, 12 of them since December. Recent weakness in the import sector and the devaluation of the dollar has called into question Morgan Stanley's long-held view that the growth the Dutch beer company was achieving in the US came at relatively low risk. The Business 22/02/04 page 22 (The Best of the Brokers) The Independent on Sunday (Business) 22/02/04 page 4 (The week ahead)

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