Exane BNP Paribas upgraded Carlsberg to Outperform from Neutral with a DKK 1,040 price target. The analyst now sees downside rise to consensus earnings estimates across of the beverage space. Spirit valuations “look temping” but U.S. trends are “alarmingly weak,” the analyst tells investors in a research note. The firm switched preference to Carlsberg from AB InBev.
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