The investment bank, Goldman Sachs said yesterday that it had begun its coverage of Carlsberg's shares with an "underperform" rating.

"We believe long-term cash flow growth will be constrained by the current geographic mix and brand portfolio, yet the shares are trading at a premium to the peer group," Goldman Sachs said. "We initiate coverage with a U rating and see better value in Heineken and Interbrew."

Meanwhile however, Societe Generale, announced that it had upgraded Carlsberg from "sell" to "hold". SocGen has maintained its DKR320 price target for the company.