UBS upgraded Diageo (DEO) to Buy from Sell with a price target of 2,920 GBp, up from 2,300 GBp. While the firm sees risks to Diageo’s U.S. business, UBS thinks investors can “gain comfort” that the business is towards the end of its earnings downgrade cycle following 31% EPS downgrades over the past two years, the analyst tells investors.
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