JP Morgan has initiated coverage on Scottish & Newcastle today (6 September). The investment bank has rated the brewer as "underweight", saying that it is fighting a losing battle in its major beer markets.

In a research note, JP Morgan analyst Simon Hales said: "The new CEO has impressed the stock market.

"However, we think it will soon realise that the group is fighting a losing battle against fundamental maturity in its major beer markets and will de-rate the shares once more."