UBS has downgraded its rating on Carlsberg from Buy to Sell, with a downward target of DKK 780 (from DKK 1250), and sees a potential downside of -7%.

The analyst highlights the risk to EBIT in 2024, financial costs and the Group's share buyback expectations.

' Carlsberg's premium sales momentum in China is slowing, with risks to expected margins and share buyback operations for FY 2024 ' says UBS.

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