In its report on major European spirits stocks, Oddo BHF confirms its preference for Diageo, with an "outperform" rating and a target price of 2700 pence, against a backdrop of threats of US tariffs.

Diageo's exposure to emerging markets (30% of sales in India, Africa, and Latin America), lack of exposure to cognac and a more attractive portfolio structure in the United States clearly give it an advantage in the current situation," the analyst says.

"In addition, the cost control and FCF improvement plans presented earlier this week demonstrate the group's ability and willingness to adapt to a highly volatile environment," he adds.


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