04 October, 2006

Denmark: BBH performance lifts Carlsberg’s shares price target to DKK515

Investors placed orders for drinks giant Carlsberg on October 02 after Lehman Brothers lifted its price target on the shares to DKK515 from DKR485 following a big performance from its BBH joint venture, ShareCast released October 02.

The broker pointed to strong summer sales at Baltic Beverages Holding, a 50:50 JV with Scottish & Newcastle expected to report a 21.5% EBITA margin for 2006, 23.0% for 2007 and 24.0% a year later. Lehman upgraded its full-year 2006 beer volume estimates for BBH after the group said Russian beer volumes grew 16% during July and August.

Carlsberg is kept at 'overweight' by the US broker.

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