Coca-Cola has had its share recommendation trimmed back. Credit Suisse First Boston downgraded the soft drinks company to "neutral" from "outperform" due to a "more challenging" volume environment in North America and Europe.

Analyst Andrew Conway said that Coke's near-term earnings growth outlook has become more clouded as the company faces increased challenges in its higher margin markets.

Conway cut his stock price target to US$49 from US$60.

Conway added, however, that he has "a great deal of confidence" in Coke's new chief executive Neville Isdell, especially in building better brand capabilities.