>Carlsberg Breweries has seen its share recommendation lowered from "sell" to "reduce" by Handelsbanken Capital Markets today. The move follows last week's announcement by Carlsberg of a drop in nine-month operating profit and the warning that its full-year result would be lower than previously forecast.

The fall in earnings was smaller than expected as pricing and currency effects in its Russian unit caused the damage.

In a research note, the bank said: "The share remains expensive, in our view. We see no trigger in the next few quarters."