Citigroup has downgraded Cadbury Schweppes shares from 'buy' to 'hold'.

An analyst at the company said that the impending sale of the drinks company's beverage unit lends Cadbury's "limited" potential stock-price rises. Stock might rise, however, on "a bid for the confectionary business, but while a private-equity bid here is possible, it looks anything but compelling to us".

Last week, Cadbury said that it was looking to close 15% of its manufacturing sites by 2011. Around 7,500 jobs will go as part of the cost reduction plans.