Diageo is likely to experience an upside from a potential UK/India trade deal, according to Barclays, which remains overweight on the alcoholic drinks manufacturer.
Barclays also kept its 4,890p target price.
The company behind brands such as Guinness and Captain Morgan does, however, have low exposure to the ongoing Chine recovery as lockdown restrictions ease.
Diageo will soon be undergoing a period of transition after boss Ivan Menezes announced he will retire as chief executive officer on 30 June 2023 after 10 years in the role and be succeeded by the current chief operating officer Debra Crew.
Menezes, who joined the company following the merger of Guinness and Grand Metropolitan in 1997, helped Diageo make “great strides" towards becoming one of the most “trusted and respected” consumer product companies, the group said.