Morgan Stanley has initiated coverage of the soft drinks bottler Coca-Cola Helenic Bottling. The investment bank's analysts have given CCHBC an "underweight" rating and a target price of €24.

The broker said: "While the outlook for the company may be good, we have enough concerns to be a little afraid of the group's lofty earnings multiple."

In a research note the bank added that it is doubtful that CCHBC can maintain its high price/earnings ratio let alone expand it given rising concentrate costs and emerging retail pressures.