Diageo: shares drop after Jefferies downgrade

(CercleFinance.com) - Diageo shares were down over 1% in Friday afternoon trading, after Jefferies downgraded the British drinks giant from "hold" to "underperform".


In comments on the beverage sector, the US broker said it expects headwinds from the Covid-19 pandemic to run "deeper and longer than appreciated" by the Street, creating a series of cuts to estimates.

Jefferies has also reduced its target price for the Diageo stock from 2,658 pence to 2,200 pence.

Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.