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Carlsberg: Bryan Garnier downgrades stock.

(CercleFinance.com) - Bryan Garnier has downgraded its rating on the Carlsberg stock from "hold" to "sell," although has raised its fair value from 670 Danish kronor to 720 Danish kronor.

The broker is impressed by the strategy recently formulated by the Danish brewer and the efforts made to involve all employees to implement it.

"Although it will improve the company's image, the business remains geared towards the low growth/declining markets of West and East Europe," the broker points out, adding that Russia will not become a source of growth anytime soon.

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