Broker snap: Diageo is second best at JPM

10th Dec 2009 11:24

JP Morgan has upped its price target on Diageo, but still prefers rival Pernod Ricard, which it thinks is better positioned in growth markets.The broker kept its 'neutral' rating on the UK spirits and Guinness group and lifted its target to 990p from 933p, but the French firm goes up to 'overweight' from 'neutral', with target up to €67 from €55."The fastest growth for premium spirits is still coming from emerging markets, notably in Asia. PR is far ahead of Diageo in the key growth markets of China and India, where it fully controls its own sales and distribution," it says.