Carlsberg: BarCap downgrades stock.
(CercleFinance.com) - Barclays Capital (BarCap) has downgraded its rating on Carlsberg from "weigh in line" to "underweight," trimming its target price for the share by 2% to 635 Danish kroner, reiterating its preference for the group's peers AB InBev and Heineken.
The broker considers that after a period of relative outperformance, the Danish brewer's valuation is now tight and that its share could suffer a correction, particularly as its risk-return ratio is tending to fall.
Although H1 results are set to be robust and although there is room for a pleasant surprise regarding the group's Funding-the-Journey (FtJ) efficiency plan, BarCap believes that these factors are already priced in.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker considers that after a period of relative outperformance, the Danish brewer's valuation is now tight and that its share could suffer a correction, particularly as its risk-return ratio is tending to fall.
Although H1 results are set to be robust and although there is room for a pleasant surprise regarding the group's Funding-the-Journey (FtJ) efficiency plan, BarCap believes that these factors are already priced in.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.