Morgan Stanley raised the firm’s price target on Diageo to $121 from $120 and keeps an Underweight rating on the shares. The firm, which cut estimates for FY24 and beyond to reflect ongoing softness in several markets, notes that its FY24 and FY25 EPS forecasts are now 4% and 6% below consensus, respectively. The firm also no longer sees buybacks in 2025 and 2026, the analyst tells investors.
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