Diageo: Jefferies upgrades recommendation

(CercleFinance.com) - Jefferies upgrades its recommendation on Diageo from 'hold' to 'buy', with a target price raised from 2,300 pence to 2,800 pence, ahead of the likely delivery of the 2027-29 financial framework with H1 results due in February 2025.


Companies don't change overnight, but Diageo will start to look fresh with growing confidence in the growth of spirits, and under the leadership of a strong new CFO, the broker believes.

Jefferies anticipates a renewed focus on growth, earnings and cash flow, and considers that 2025 should be a slow year for the British spirits giant, before an upturn from 2026 onwards.


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