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    CARL B — Carlsberg A/S News Story

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    Exane prefers Carlsberg over Heineken, cuts Pernod Ricard

    Picture of Carlsberg A/S logoCarlsberg A/S
    12/01/2026 08:16
    ** Exane BNP Paribas analysts expect 2026 to be another year of cutting consensus estimates for European beverage names, warning that those for like-for-like (LFL) sales are overly optimistic for most market players

** They say that good share price performance for Carlsberg CARLb.CO is more likely than for Heineken HEIN.AS, and upgrade the Danish brewer to "outperform" from "neutral", while downgrading its Dutch-based rival to "neutral" from "outperform"

** The analysts also cut French spirit maker Pernod Ricard PERP.PA to "underperform" from "neutral," citing risks to sales estimates, and underlining a "deeply" negative sentiment on spirits market


    COMPANYRATINGOLD RATING
    HEINEKENNEUTRALOUTPERFORM
    PERNOD RICARDUNDERPERFORMNEUTRAL
    CARLSBERGOUTPERFORMNEUTRAL
    

 (Reporting by Mateusz Rabiega)

 ((Mateusz.rabiega@thomsonreuters.com))

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