“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.”
DENMARK: Goldman Sachs cool on Carlsberg
The investment bank, Goldman Sachs, said yesterday that it had begun its coverage of the Danish brewing group, Carlsberg, with an "underperform" rating.