Diageo falls as Deutsche Bank downgrades ahead of results and reset Proactive uses images sourced from ShutterstockDiageo PLC (LSE:DGE) shares fell 2.3% to 1,634p after Deutsche Bank downgraded the Guinness maker following the recent outperformance of its shares. The German bank moved to a 'hold' rating from 'buy' after noting that the shares had gained 22% since its upgrade at the end of March, outperforming the European food and beverage sector by 11 percentage points. Deutsche retained its 1,700p price target, offering potential upside of around 4% from the current share price. Analyst Mitch Collett said Diageo's results for the 2026 financial year, due next Thursday, 6 August, should be in line with consensus. Collett warned that there is a "broad range of potential outcomes" and, following the shares' recent recovery, sees greater downside than upside risk.