Diageo shares rose 3.8% to 2,583p after UBS upgraded the stock to 'buy' from 'sell' and increased the price target to 2,920p, citing strong growth in key brands like Don Julio and Crown Royal. UBS noted that sell-out trends are outperforming a weak Spirits industry, suggesting the company is nearing the end of its earnings downgrade cycle. Despite expected destocking affecting H1 US Spirits shipments, organic sales in North America are forecasted to rise 0.6%, contrary to consensus expectations of a 2.4% decline.