1251 GMT - Carlsberg is delivering on its top and bottom line growth agenda and strengthening its position in both growth categories and markets, despite a tough external environment, Jefferies analyst Edward Mundy writes. Whilst growth is being held back by weakness in China, a country that makes up 20% of group profits, the bank views this as transitory given extreme weather and flooding. China will be soft for the remainder of the year, but growth should resume versus easy comparatives in 2027, he says. This will help to boost investor confidence in the medium term. The bank rates Carlsberg stock at buy with a 1,100 Danish kroner price target. Shares fall 2.1% to 870.40 kroner.