Carlsberg: Morgan Stanley raises target price

(CercleFinance.com) - Morgan Stanley has raised its target price for the Carlsberg share from 625 Danish kronor to 680 Danish kronor, seeing "positive catalysts ahead.
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However, the broker maintains its "underweight" rating on the stock, given continued medium-term risks.

In a note to clients, the broker writes that second-quarter results should be positive, given favourable weather conditions in Europe, the World Cup in Russia and easy comps.

However, this looks more than reflected in valuation, it says.

Moreover, Morgan believes risks remain around input cost inflation, soft price/mix and competition in Russia.

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