Barclays reaffirms its 'overweight' recommendation on Carlsberg while lowering its target price from DKK 1116 to DKK 1090, expecting a solid fourth quarter but cautious 2024 guidance from the Scandinavian brewer.

Given our cautious stance on the Chinese spirits market, we are keeping a close eye on Carlsberg's local beer exposure, but believe that the risk/reward ratio remains positive for the time being", the broker believes.

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