Scottish & Newcastle has had its earnings estimates cut following the sale of its pub division.

Credit Suisse First Boston (CSFB) lowered its 2003 earnings-per-share forecast by 7% to 37.4 pence. The bank did not change its 2004 EPS estimate for S&N of 30 pence.

S&N, the UK's largest brewer, announced last week that it had won approval from its shareholders to sell its UK pubs estate.

CSFB added that S&N would probably trim its growth targets for the Russian market.