Bjorn Kristian Roed downgraded the Oslo-listed company from hold following what it called modest guidance.
Profit for the three months to the end of March came in at $31m, a long way from the $50m analysts had projected.
Roed explains operating profit for the quarter of $54m missed consensus by 23%.
He says the company is trading at unattractive multiples and notes ongoing anti-trust investigations in the US and Europe are further negative factors.
