Diageo PLC (LSE:DGE) has focused too heavily on premium spirits and now needs to broaden its appeal to more price-conscious consumers, according to Jefferies, which has raised its target price on the drinks maker to £20 from £19. In a mammoth 99-page report entitled "Addressing the Premiumisation Hangover", analysts argued that while the long-term trend towards consumers drinking "less but better" remains intact, pressure on household budgets has exposed weaknesses in the FTSE 100 group's portfolio.