Carlsberg has had its share target raised by one analyst and cut by another.

The Danish brewer saw the moves today (27 September) following an analyst presentation in St Petersburg yesterday.

Lehman Brothers shifted its target for the shares north to DKK515 from DKK485. Goldman Sachs, meanwhile, sent its rating the other way, to DKK350 from DKK409 previously.

Lehman upped its coverage after Carlsberg's joint venture in Eastern Europe, Baltic Beverages Holding, posted a leap in Russian beer volume sales of 16% year-on-year during July and August. The rise compared favourably to an industry-wide increase in the same period of 14%.

"Given operational gearing and the successful integration of its operating subsidiaries in Russia, we believe BBH is on target to achieve above the 21% EBITA margin guidance," the analyst said.

While reiterating its 'overweight' rating on the shares, Lehman said it expects BBH to report a 21.5% EBITA margin for 2006, rising to 23% for 2007 and 24% for 2008.

Goldman Sachs, however, highlighted the brewer's shares as its best sell idea in beverages, and maintained a rating of 'sell'.

Carlsberg owns BBH jointly with Scottish & Newcastle.