Is Diageo Stock a Buy?
Even a platform of renowned alcohol brands isn't shielding British spirits giant Diageo (NYSE: DEO) from the economic pain of the coronavirus outbreak. The company recently said it expects a negative impact in fiscal 2020 of as much as $398 million on organic net sales and up to $245 million on organic operating profit.
Shutdowns of bars and restaurants that began in China and have spread to other countries (including the U.S.), cancellation of conferences and events, as well as a significant drop in travel, are all weighing on sales. Like most of the market, Diageo's shares have tumbled and are now down 24% year-to-date.
So is it time to scoop up Diageo shares? Let's take a closer look at where the company is right now and what's potentially still to come.
Source Fool.com
