Denmark: Jyske Bank has downgraded the brewer’s stock to ‘reduce’ from ‘accumulate’ after recent sharp gains, and advised shareholders in Denmark’s Carlsberg AS to take profit. Shares in Carlsberg reached their highest level for 52 weeks on June 28, without any corporate news being released, the bank said. Although the bank believes there is a possibility for a positive news-flow from the company later in the year, it also thinks that this is, to a large extent, reflected in the current share price. At the same time there is a risk that the shares could come under pressure if the vital Russian market continues to develop in a disappointing way in the second quarter, Jyske Bank said. The bank still holds a DKK330 price target for the Danish brewer.

30 June, 2004