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Stock impact report

Morgan Stanley Cuts Target on Diageo (DEO) as Growth Pressures Persist [Yahoo! Finance]

Morgan Stanley (MS) 
Last morgan stanley earnings: 4/16 07:15 am Check Earnings Report
US:NYSE Investor Relations: morganstanley.com/about-us-ir
Company Research Source: Yahoo! Finance
On December 18, Morgan Stanley lowered its price target on Diageo plc (NYSE:DEO) to 1,530 GBp from 1,595 GBp and kept an Underweight rating on the shares. A day earlier, Diageo announced a major asset sale as it works to bring down its debt. The company agreed to sell its stake in its Kenyan business to Asahi in a deal valued at $2.3 billion. Management has been clear this year that divestments would play a role in repairing the balance sheet, and this transaction fits that plan. Under the agreement, Diageo plc (NYSE:DEO) will sell its 65% stake in East African Breweries Limited, or East African Breweries Limited, to Asahi. Diageo will still maintain a presence in the market through a licensing arrangement with EABL, allowing it to keep some commercial ties to the region. The deal values EABL at $4.8bn and is expected to reduce Diageo's net debt-to-earnings ratio by about 0.25 times. That matters because the company's leverage is currently above its target range of 2.5 to 3 times Show less Read more
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