Danske Equities has upgraded the Danish brewing group, Carlsberg, from "buy" to "trading buy", suggesting that the 22% slip in the company's share price following publication of its fourth-quarter results was an over-reaction.

"While we agree the considerably lower 2003 guidance should put downward pressure on the stock, we believe the decline and the share's consequent trough is an over-reaction," Danske said. "The brewing operations of Carlsberg have probably never been in better shape."