1516 GMT - Diageo could start to look different once confidence in spirits growth increases and under a new CFO, Jefferies analysts Edward Mundy and Andrei Andon-Ionita say. The U.K. spirits maker earlier this year named Nik Jhangiani, who was finance chief at Coca-Cola Europacific Partners, as its new CFO, replacing Lavanya Chandrashekar. Jhangiani has taken the role after some difficult years and following a period of considerable internal change, they write in a research note. He will bring a renewed focus on growth, profit and cash, they add. The analysts expect fiscal 2025 to remain challenging, as the beverage sector faces a downgrade cycle, and a recovery from fiscal 2026 onward. Jefferies upgrades its rating on Diageo stock to buy from hold. Shares are up 2.7% at 2,403 pence. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
December 05, 2024 10:17 ET (15:17 GMT)
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