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RBC Capital lifts Diageo to 'sector perform'
(Sharecast News) - RBC Capital Markets upgraded Diageo on Monday to 'sector perform' from 'underperform' and lifted the price target to 2,400p from 2,100p. "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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