Diageo PLC (LSE:DGE), the spirits company, has been downgraded from a ‘buy’ to ‘neutral’ by analysts at the Bank of America. The US bank expects the beverage sector to face a tough 2024 due to suppressed consumer spend on both sides of the Atlantic, foreign exchange headwinds and the risk of tariffs on Cognac in China. “We downgrade to Neutral because we expect the US, which is key to sentiment and to valuation, to remain lackluster and disappoint, holding back rerating,” the bank explained. Industry growth ...