The raised 2017 guidance given with the Q3 results should be reachable in our view; thus, we believe focus with the H2 results (due 07:00 CET on 7 February) will be on the 2018 outlook that will have less support from Funding the Journey initiatives. We expect Carlsberg to guide for mid-single digit organic EBIT growth, although significantly lower in reported terms due to recent FX movements. We have lifted our target price to DKK630 (600), but reiterate our SELL recommendation.
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