Berenberg has downgraded its investment rating on soft drinks group Britvic (LON:BVIC) to hold (from buy), which it says is after the strong re-rating.
The bank pointed out that, since the start of 2017, the shares have risen by c20% despite little change to earnings estimates.
"Although we think that risk could be slightly skewed to the upside if trends from Q1 continue, we do not believe that there are sufficient catalysts to drive significant outperformance," Berenberg added.
Analysts left their target unchanged at 725p per share.
At 3:58pm: (LON:BVIC) Britvic PLC share price was -4.25p at 667.25p