Diageo upgraded to Buy from Hold at Jefferies

Jefferies upgraded Diageo (DEO) to Buy from Hold with a price target of 2,800 GBp, up from 2,300 GBp. Diageo will start to look different as confidence in spirits growth increases, the analyst tells investors in a research note. Under a new, “heavyweight” CFO, the firm also sees a renewed focus on growth, profitability and cash flows, Jefferies states, adding that while FY25 will be a tough year, Diageo’s likely provision of financial framework for FY27-FY29 expected with its first-half results in February of 2025 represents a “clearing event” for the shares.