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Carlsberg/Jyske: Hæver kursmålet med en hund efter regnskab - NY

Source RBB StockExchange Monday, 6 Nov, 2017 10:23:38 GMT
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Jyske Bank har set nærmere på aktien i Carlsberg efter offentliggørelsen af regnskabet for tredje kvartal, og nu løfter banken kursmålet til 850 kr. fra tidligere 750 kr.

Samtidig fastholdes købsanbefalingen, viser en analyse fra banken.

- Efter at have fulgt op på to kilder til bekymring efter Carlsbergs regnskab for tredje kvartal gentager vi vores positive holdning til aktien og løfter vores kursmål til 850 kr. per aktie, skriver aktieanalytiker Frans Høyer fra Jyske Bank i et notat.

Han noterer, at den "tilsyneladende afmatning" i pris/miks i Vesteuropa knytter sig til ændringer over for en vigtig kunde i Polen, som betegnes som et lavværdi-marked og har eroderet fremgang på tværs af individuelle markeder.

I forhold til det russiske marked betegner han risiciene som "reelle nok", idet konkurrenters modstand mod at følge Carlsbergs prisforhøjelser kan tvinge Carlsberg til en plan B.

På den anden side giver VM i fodbold i Rusland i 2018, herunder mildere regulatoriske vinde til markedsføring, nogle muligheder, og ved normalt vejr i 2018 - i modsætning til den kolde vinter og våde sommer i 2017 - så er der ifølge analytikeren alle muligheder for, at det russiske marked vil vokse i 2018 for første gang i otte år.

Carlsberg-aktien ligger mandag middag til et fald på 0,4 pct. til 749 kr.

/ritzau/FINANS

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