Diageo hangover will get worse predicts seller Deutsche Bank

New Year has brought no cheer for Diageo with Deutsche Bank following up its ‘sell’ note of November with another brutal update reiterating the message. Deutsche Bank was a seller even before the Guinness, Johnnie Walker and Smirnoff group’s profit warning that month and its latest update suggests things have gotten worse since then. “Industry data and peer read across suggest that Spirits demand has continued to deteriorate following Diageo’s 10 November 2023 profit warning,” said the bank. As a consequenc ...