Diageo has had its price target raised. Credit Suisse First Boston has upped its target on the drinks giant this week, to 870 pence from 850, based on expectations that the group's scale will continue to help it cut back on costs.

"As the company sees the benefit of its global scale ... to extract cost savings across the business, we believe that its earnings momentum is set to improve," the broker said in a note to clients.

CSFB reiterated its 'outperform' rating on the stock, and raised its 2006 earnings estimates by 2% to reflect Diageo's improving cost control.