Zacks Investment Research Upgrades Diageo (DEO) to Buy

Diageo (NYSE:DEO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $160.00 price target on the stock.

According to Zacks, “Shares of Diageo have outperformed the industry in the past one year, driven by its strong fundamentals, continuous innovation and focus on expansion. Also, the company’s strategic endeavors including growth via acquisitions remain noteworthy. In fact, the buyout of the U.S. fastest-growing premium tequila brand, Casamigos, is expected to boost its market share in the category and is likely to capitalize on the company’s presence in the high-growth international markets.Notably, alcohol stocks are doing well backed by the rising demand for flavored whisky, premium tequilas and spirits. However, currency fluctuations pose a serious concern for the company. Macroeconomic factors such as interest rate hikes and increase in fuel and energy costs may also impact the company’s profitability.”

DEO has been the topic of several other research reports. Jefferies Group reaffirmed a “buy” rating and issued a $155.40 price target (up previously from $155.20) on shares of Diageo in a research report on Saturday, September 30th. Evercore ISI started coverage on shares of Diageo in a research report on Thursday, September 28th. They issued an “outperform” rating and a $152.00 price target on the stock. Finally, Berenberg Bank cut shares of Diageo from a “buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. Diageo currently has a consensus rating of “Hold” and an average price target of $155.10.

Several institutional investors have recently bought and sold shares of the business. Gotham Asset Management LLC purchased a new position in Diageo in the 2nd quarter valued at approximately $278,000. Geode Capital Management LLC boosted its holdings in Diageo by 33.4% in the 1st quarter. Geode Capital Management LLC now owns 13,616 shares of the company’s stock valued at $1,573,000 after purchasing an additional 3,411 shares during the period. Manitou Investment Management Ltd. boosted its holdings in Diageo by 11.9% in the 2nd quarter. Manitou Investment Management Ltd. now owns 124,050 shares of the company’s stock valued at $14,865,000 after purchasing an additional 13,200 shares during the period. Bronfman E.L. Rothschild L.P. boosted its holdings in Diageo by 15.5% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 7,862 shares of the company’s stock valued at $942,000 after purchasing an additional 1,054 shares during the period. Finally, Crossmark Global Holdings Inc. bought a new position in Diageo in the 3rd quarter valued at $3,257,000.

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About Diageo

Diageo PLC is an alcoholic beverage company. The Company operates in various categories, including spirits and beer. Its geographic segments include North America; Europe, Russia and Turkey; Africa; Latin America and Caribbean, and Asia Pacific. Its principal products includes Scotch whisky, Gin, Vodka, Rum, Beer, Irish Cream Liqueur, Wine, Raki, Tequila, Canadian Whisky, American Whiskey, Progressive Adult Beverages, Cachaca, Brandy and Ready to Drink.

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