Carlsberg A/S (CARLB), the Danish brewer whose beer is sold in more than 150 countries, was cut to ``buy'' from ``strong buy'' at Nordea Bank AB, which said yesterday's earnings report was disappointing.
Third-quarter results were ``weaker than both our estimates and consensus,'' Copenhagen-based analyst Michael West Hybholt wrote to clients, citing one-time financial items relating to the purchase of Scottish & Newcastle Plc and lower beer sales by volume in northern and western Europe.
``Our valuation still indicates upside, but it will be interesting to see whether consumer behavior changes in the coming quarters,'' he said.
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