Diageo downgraded to Neutral from Buy at BofA

BofA analyst Andrea Pistacchi downgraded Diageo to Neutral from Buy with a price target of $155, down from $164. The analyst expects the U.S., key to Diageo’s sentiment and valuation, to remain lackluster and disappoint, holding back a rerating of the shares. With earnings risk still on the downside and limited scope for rerating, the firm sees modest upside potential to the shares on a 12-month view, the analyst tells investors in a research note.