The investment bank Societe Generale (SG) has begun coverage of Carlsberg A/S. It has given the Danish brewer a "Sell" recommendation and a target price of 320 crowns.

In a research note SG said: "We value Carlsberg as a holding company, attaching as much emphasis to the minorities as the underlying subsidiaries.

"In addition, we have taken account of the entity in which the debt, cash and non-core investments reside and made the appropriate adjustments to our valuation," it said.

It also noted that Carlsberg's share had outperformed the European breweries index by 10% over the past three months.