Cazenove has downgraded Diageo, the wine and spirits company. The joint in-house broker cut its recommendation from "outperform" to "in-line". JP Morgan was supportive of Diageo and increased its fair value estimate from 680p to 710p. It raised its 2005 earnings per share estimate by 1.3% to 47.2p. Financial Times (Money & Business) 04/09/04 page 21 (Markets Week UK – London) The Daily Telegraph 04/09/04 page 35 (The Market)

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