Carlsberg: Bryan Garnier raises target price
(CercleFinance.com) - Bryan Garnier on Wednesday raised its price target for Denmark's Carlsberg to 710 Danish kronor, from 695 Danish kronor, despite disappointing quarterly results and a reduced full-year guidance.
The broker - which has a "sell" rating on the shares - said the two strong points of first-quarter were growth in craft & speciality (+30%) and alcohol-free brews in Western Europe (+23%).
However, business was weaker in Western and Eastern Europe, it added in a note.
Bryan Garnier also pointed out that the Copenhagen-based brewer has lowered its full-year operating profit guidance on the back of a further weakening of the Russian rouble.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker - which has a "sell" rating on the shares - said the two strong points of first-quarter were growth in craft & speciality (+30%) and alcohol-free brews in Western Europe (+23%).
However, business was weaker in Western and Eastern Europe, it added in a note.
Bryan Garnier also pointed out that the Copenhagen-based brewer has lowered its full-year operating profit guidance on the back of a further weakening of the Russian rouble.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.