Deutsche Bank upgraded Diageo (DEO) to Hold from Sell with an unchanged price target of 2,020 GBp. The target now suggests just 7% downside, the analyst tells investors in a research note. The firm believes Diageo is fundamentally one of the best positioned companies in European staples. However, this is broadly balanced by a combination of near term risks and potential structural headwinds at this level, contends Deutsche.
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