The investment bank Credit Suisse First Boston has raised its rating on shares in Coca-Cola Amatil to "Outperform" from "Neutral".
Despite disappointing first quarter volumes from the Australian soft drinks player, the bank's analysts said they believed CCA was well positioned to deliver strong second-half 2005 growth in Australia and New Zealand. CSFB added that Amatil could flag the sale of its South Korean business by the end of the year.

"We believe CCL will now outperform the market from here. The share price correction was an over-reaction in our view," CSFB said.

CSFB pointed to new product launches, extra selling days and price increases which CCA outlined in its trading statement yesterday as factors that would boost the performance in the second half.