Diageo's rating has been raised today. ABN AMRO, the investment bank, has upped its rating on the spirits firm to "buy" from "hold". The bank has also raised its price target to 800 pence per share from 675p.

Analyst Matthew Jordan said: "We think the valuation now looks very cheap and we think the next-generation growth programme in the US will be a good catalyst for the shares."

Last week, investment bank UBS upped its target for Diageo to 860 pence from 820p.