BofA analyst Andrea Pistacchi upgraded Diageo to Buy from Neutral with a price target of 2,800 GBp, up from 2,600 GBp. After a challenging two years consensus forecasts “seem low enough now,” the analyst tells investors in a research note. The firm expects the company’s growth to improve this year, a little above consensus, and remains convinced that international spirits is an attractive category. With a reasonable valuation, improving momentum in the business and a “relative scarcity of compelling investment alternatives in staples,” there is enough for the stock to outperform, contends BofA.
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