Diageo Shares Only Slightly Lower Following Downgrade from Santander

Santander cut

from Buy to Hold Friday morning, citing concerns in emerging markets. The firm said Diageo has received at least three key pieces of bad news since an upgrade in December of last year:

Santander prefers some of Diageo's competitors such as

and

Shares of Diageo are down 0.3 percent to $113.42 on the NYSE.