HSBC Updates Price Target, Estimates for Heineken Amid Improving Operating Conditions; Buy Rating Kept

06:53 AM EDT, 08/07/2026 (MT Newswires) -- HSBC Global Investment Research revised its price target and earnings estimates for Heineken (HEIA.AS), citing the Dutch brewer's first-half performance and improving operational backdrop. "2Q volume growth of 0.9% was supported by a very strong performance in Asia Pacific where volume expanded by an impressive 9.3%. Vietnam's industry volumes continued to recover, expanding 6%. Management indicated that it took market share both in on- and off-premise channels in Vietnam. More importantly, management struck an optimistic note on the constructive environment for strong growth going forward," according to a Thursday note. The research firm noted that Heineken's first-half operating profit growth reached 6.7% before exceptional items and amortization of acquisition-related intangible assets, surpassing the company's full-year 2026 guidance range of 2% to 6% due to robust growth in Asia and Africa. "We update our model with 1H actuals and revise our forecasts to account for better-than-expected market trends in Asia and [Asia Pacific, Middle East and Africa] and a softer consumer environment in Americas. For 2026, we forecast a 1.2% organic volume growth, 3.5% organic revenue growth, and 6.0% organic operating profit," the note said. Accordingly, analysts raised their price target to 92 euros from 88 euros and reiterated their buy rating. HSBC also upgraded its 2026 to 2028 consolidated revenue projections and increased its 2027 and 2028 EPS estimates, while trimming its 2026 EPS expectations.