There is 'much to like' with bottling firm Coca-Cola HBC (CCH), according to Numis Securities, but not enough for the broker to take a positive stance ahead of the company's first-quarter update on May 16th.Numis has initiated coverage of the stock with a 'hold' rating and 1,428p target price."Much to like here but it is pointless being bold as regards forecasts at this early stage of the year and with geopolitical uncertainties currently so prominent. For non-holders, a watching brief is best maintained for now," said analyst Charles Pick.He said that the first quarter is a "poor guide" for the rest of CCH's financial year - accounting for just 21% of sales in 2013 - "especially as order book visibility is so limited".Therefore, next week's update will likely focus on foreign exchange (FX) issues with adverse FX to cost CCH "vastly more" this year than in 2013. Pick estimates that FX is likely to have a €70m adverse impact on 2014 results, compared with just a €32m hit last year.Meanwhile, he said: "Worries over Russian and Ukraine exposures (18.8% and 3.8% of 2013 volume, respectively) have been discounted, but remain major negatives."The stock was nearly 3% lower at 1,436p by 13:19 on Tuesday.BC