Denmark: Brewer Carlsberg downgraded by Credit Suisse

Carlsberg was cut to underperform from neutral by Credit Suisse, with the broker also cutting the Danish brewer's price target to 370 kroner from 400 kroner, MarketWatch posted on January, 21.

The broker cited a tripling of the Russian excise duty, destocking from a 2009 year-end stock up, a possible ban of sales through the kiosk channel, which makes up 20-30% Carlsberg's Russian volumes, or at the least restrictions on sales from kiosks, and tough pricing comparisons.

22 January, 2010