UK: Lehman Brothers upgrades Diageo
Investment bank Lehman Brothers has upgraded shares in the global drinks group Diageo to 'equal-weight' from 'underweight', with a price target of GBP11.50.
Lehman said that with consolidation in the beer industry well underway, it believes that the realisation of Diageo's aspiration to become a leader in Total Beverage Alcohol (TBA) is getting closer.
The bank added that even with conservative assumptions, a merger with a major global brewer could increase value per share to GBP14.00.
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