The firm was strong revenue growth of around 5.8% in its full-year results, but the broker is worried by an uptick in capex and weaker cash flow generation.
Goldman has reiterated its ‘sell’ rating on the stock, but has upped its target price to 975p from 950p following the results.
Elsewhere, Nomura reckons there could be a spark in the cigarette industry, as it upgraded the UK’s two biggest cigarette makers.
The broker said margins look set to improve, despite strong foreign exchange headwinds, with its e-vapour roll-out to pick up pace in the second half.
The broker’s bullish sentiment on the soft-drinks maker has waned, as it dropped its rating to ‘hold’ from ‘buy’.