Pernod Ricard has had its rating upgraded by ING, owing to good first half results.

The broker said today (4 March) that the French drinks giant has been upgraded from 'hold' to 'buy' on valuation grounds as well as having its price target upped from EUR80 (US$122) to EUR82.

According to ING, Pernod is in the position to take advantage of the premiumisation trend as well as having displayed strong financial results in all markets during its first half of the year.