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.