Lehman Bros. cautious about U.S. beer market.

Given the weak performance of the U.S. beer sector, Lehman Brothers analysts have said that the possibility of a "weaker, but also more competitive market in 2005 ... should not be taken lightly."

In their write-up, analysts noted, "Within our coverage, we would highlight the downside potential for SABMiller and for Heineken, both rated at underweight."