ABN AMRO has downgraded Danish brewing conglomerate, Carlsberg, from "add" to "hold" and its 2002 and 2003 earnings per share (EPS) forecasts by 10% and 11% respectively.

The broker said its action stemmed from Carlsberg's lower-than-expected guidance for 2002 and the Asian slowdown. "The main reason for our cut in estimates to adjust for the lower guidance is a lower forecast for Asia and a more conservative view of the Western European business, mainly driven by a continued difficult situation in Sweden," the research note said.

Meanwhile, following the publication of Carlsberg's 2001 financial results late last week, the investment bank, Credit Suisse First Boston (CSFB) has downgraded its estimates for Carlsberg's 2002 earnings before interest and tax (EBIT) to DKK3.7 billion (US$434.8m) from the previously forecast DKK4.5 billion. CSFB maintained its "hold" recommendation on Carlsberg shares.