While raising its target price for Carlsberg from DKK 780 to DKK 790, UBS reaffirms its 'sell' recommendation in view of an estimated downside potential of 7% for the Scandinavian brewer's shares, and forecasting EPS for 2024 3% below consensus.

"We are more cautious on fourth-quarter volumes in Asia-Pacific (APAC), partly due to less positive trends in China and macroeconomic headwinds in Southeast Asia", the broker states in the summary of its note.

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