Carlsberg Kept at Buy as BofA Notes Q2 Results, 'Attractive' Fundamental Case

07:58 AM EDT, 08/19/2026 (MT Newswires) -- BofA Global Research reiterated its buy rating on Carlsberg (CARL-A.CO, CARL-B.CO), viewing the brewery group's fundamental case as "attractive" despite its second-quarter volume falling short of expectations. "Carlsberg offers the best medium-term volume growth among brewers (c+1.5%, BofAe), supported by its Pepsi partnership and deleveraging is accelerating, paving the way to share buybacks in 2027, we believe. That said, Q2 volume performance was disappointing with a larger than expected decline in China and W EU beer," the research firm said in a Wednesday note. The group's volume growth came in at 0.8% in the quarter, while organic sales increased 2.1%, against the respective consensus estimates of 1.3% and 2.3%. Meanwhile, its organic EBIT for the first half rose 5.9%, higher than market forecasts of 4.4%. The stock's price objective stands at 1,140 Danish kroner.