MS resumes Carlsberg with 'overweight' on benefits from Britvic acquisition

** Morgan Stanley restarts coverage of Carlsberg CARL_A with "overweight", saying that after the Britvic acquisition the Danish brewer will be "fundamentally less capital intensive"

** "We believe that concerns about leverage, execution risk, moderation, and China exposure are more than priced in," the broker says

** It sets a PT of DKK 900 vs Friday's closing price of DKK 700.60

** MS says it expects Carlsberg to provide "top quartile" EPS growth in the next three years, thanks to the Britvic acquisition and the related synergies

** The broker also expects Carlsberg to reach a net debt/EBITDA ratio of around 3.2x by end 2025, and for soft drink volumes to grow ahead of those of beer

** J.P.Morgan separately reinstates Carlsberg with a "neutral" rating and a PT of DKK 725