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Diageo: UBS downgrades stock

( - UBS downgrades Diageo shares from 'neutral' to 'sell', reducing its target price for them from 3650 pence to 2650 pence, a new target which implies a 5% downside potential for the share of the British owner of spirits such as Smirnoff and Johnnie Walker.

"The >10% valuation premium to staples is at risk given weak US Spirits sell-out growth (UBSe -1% an H1 to date) and downside risk to consensus volume ex-LatAm", the broker explains.

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