Heineken is down more than 1% in Amsterdam, in the wake of an analysis by RBC, which announced today that it had downgraded its opinion on the stock from 'in line with sector performance' to 'underperform', while reducing its target price from 85 to 75 euros.

In a note released this morning, the Canadian broker expressed regret at the Dutch brewer's persistent refusal to increase its marketing expenditure, which it considers detrimental to the brand at a time of rising beer prices.

In its view, the group's performance remains conditional on intensified investment, without which sales volumes, margins and cash flow will remain under pressure.

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