1116 GMT - Carlsberg outlined strong growth ambitions at its investor day, but now it's time to execute, UBS analyst Sanjeet Aujla writes. Against a weak consumer backdrop, the Danish brewer spent its capital markets day defending its 4%-6% medium-term organic revenue growth outlook, of which a third is driven by volume and two thirds by higher-margin products. While 2026 is likely to benefit from the expansion of Pepsi franchises in Central Asia, margins will need macro conditions across Europe and Asia to improve, Aujla adds. The stock appears cheap, but is trading in line with alcoholic beverage peers. "In the near-term, we see downside risk to second-half consensus volumes, but profit expectations well underpinned." UBS rates Carlsberg's stock at neutral with a 810 Danish kroner price target. Shares rise 1.5% to 762.80 kroner. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

October 02, 2025 07:16 ET (11:16 GMT)

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