Royal Unibrew downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Royal Unibrew (ROYUF) to Neutral from Buy with a price target of DKK 465, down from DKK 650. The firm cut its estimates for FY29 sales, EBIT, an EPS to reflect the loss of he Pepsi license in Northern Europe. The downgrade reflects both operating deleverage from the lost revenue base and transition costs associated with acceleration of own brands, as well as potential exit-related costs as the partnership winds down, the analyst tells investors in a research note.