30 September, 2005

Denmark: Carlsberg upgraded to "buy" by Jyske Bank

Analysts at Jyske Bank announced on September 29 they have upgraded the Danish brewery Carlsberg from "reduce" to "buy". The target price has been raised to DKK420.

In a research note published on September 28, the analysts mention that the company has indicated that it targets to reduce its production facilities in Europe by 50%. Carlsberg is expected to shut down 14 of its breweries over an undetermined period of time, the analysts say. This development reflects Carlsberg’s ability to increase profitability through a continued strong focus on costs, Jyske Bank adds.

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