Carlsberg shares lost their fizz in Copenhagen on Wednesday, following HSBC's downgrade, whose new target price no longer shows any upside potential.

At around 2:30 p.m., the stock was down 0.8%, a tad below the 0.7% decline in the OMX 25, the benchmark index for Danish stocks.

This morning HSBC downgraded the stock from "buy" to "hold" with a target price reduced from 940 DKK to 910 DKK.

The broker justified its decision by pointing to the brewer's strong YTD performance on the stockmarket, up over 33% at yesterday's close.

While it considers Carlsberg to be a quality player with strong resilience, due to its low exposure to the United States and the new US tariffs, the broker believes that a neutral rating is justified given its organic growth prospects and the lack of upside potential reflected in its new target price.


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