HSBC analysts downgraded their recommendation for shares of Fevertree from ‘buy’ to ‘hold’, telling clients that they now saw “limited upside” in the share price.
Nevertheless, their estimates for the beverage maker were unchanged.
Citing the latest Nielsen IQ data, they also noted the “strong” year-on-year growth in the company´s sales in Italy and Germany over the four weeks ending on 12 September.
In the first of those markets, sales had jumped by 78%, alongside a 9% rise in Germany.
US sales were also described as “strong”, surging by 19% over the four weeks ending on 11 September for a 17% jump year-to-date on the back of a 24% rise in volumes.
On home shores, sales were down by 4% year-on-year over the four weeks to 12 September, due to strong comparatives, but up from the -14% fall recorded over the prior four-week stretch, with volumes off by 6% but prices 2.3% higher.
Nonetheless, on a two-year basis UK revenues were up by 4% on average.
The analysts left their target price for the shares unchanged at 2,550.0p.
As of 1115 BST, shares of Fevertree were down by 1.66% to 2,430.0p.
