2335 GMT - Morgans downgrades drinks-to-hotels group Endeavour from hold to trim, noting a sales recovery appears some time away. "We expect liquor demand to remain under pressure amid elevated interest rates, ongoing cost-of-living pressures and an uncertain macroeconomic backdrop," analyst Alexander Lu says. Endeavour's new management strategy also carries execution risk, Morgans says. Its FY27 and FY28 underlying EBIT forecasts both fall by 2%. Endeavour ended Wednesday at 3.43 Australian dollars.