UBS downgraded Diageo to Sell from Neutral with a price target of 2,650 GBp, down from 3,650 GBp. The stock’s premium valuation is at risk in the near-term, the analyst tells investors in a research note. The firm sees risk of a de-rating until Diageo’s U.S. spirits growth accelerates to mid-single digits and management “can draw a line” under Latin America destocking. UBS lacks conviction that these inflections will come in the first half of 2024.
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Read More on DEO:
- Diageo downgraded to Neutral from Overweight at JPMorgan
- Diageo price target lowered to 3,500 GBp from 4,000 GBp at JPMorgan
- Diageo price target lowered to 3,730 GBp from 4,440 GBp at Barclays
- Diageo price target lowered to 2,550 GBp from 2,750 GBp at Deutsche Bank
- Diageo falls -13.2%
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