Carlsberg's shares have been downgraded following the announcement yesterday (4 November) of a poor Q3 for the company. Jyske Bank has cut its recommendation to 'reduce' from 'accumulate'.

The bank said that the negative development in Western Europe continued in the third quarter, with results hit by price pressure, a negative organic growth and higher marketing costs.

Overall, yesterday's third quarter report confirms the challenges faced by Carlsberg and the risk that only a small proportion of the cost savings from the restructuring programmes will show up on the bottom-line, Jyske Bank said.