French Champagne and spirits group Rémy Cointreau has had its rating downgraded.

Deutsche Bank today (20 December) warned that the company's stock is "fundamentally overvalued". Rémy shares have rallied by 20% since the company announced it was leaving distribution vehicle Maxxium last month.

The bank reduced its coverage of the company to 'sell' from 'hold'.

Speculation has mounted over whether Rémy's departure from Maxxium in three years' time will be the forerunner to a sale of the company.

Deutsche Bank said, however, that the Maxxium announcement did not make it more likely that the Rémy's controlling shareholders would sell up. Even if a bid did emerge, the bank said, it sees "little significant upside".

Deutsche Bank also said that it feels Rémy could be losing sight of fundamentals, and warned that more than a change in distribution would be needed.