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RBC Capital lifts Diageo to ‘sector perform’.

RBC Capital Markets upgraded Diageo on Monday to ‘sector perform’ from ‘underperform’ and lifted the price target to 2,400p from 2,100p.

  • Diageo
  • 12 August 2024 15:58:38
Diageo

Source: Sharecast

"The 'affordable luxury' investment case is threadbare," RBC said.

"With a new CFO and IR joining imminently, Diageo has the opportunity to reset expectations based on a future as a conventional staples business.

"This should involve kitchen-sinking revenue and profit guidance, a pre-requisite of repairing investor confidence."

RBC said that in share price terms, this could be more than offset by moderating both fixed and working capital investment.

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