Diageo downgraded to Neutral from Buy at UBS

UBS analyst Nik Oliver downgraded Diageo to Neutral from Buy with a price target of 3,950 GBp, down from 4,500 GBp. Oliver is turning more cautious on Diageo largely due to its core U.S. market, given slowing premiumization and a limited tailwind from reopening in China, the analyst tells investors in a research note.