Looking for a winner from the Brexit? While most stocks have been punished since the U.K. decided to leave the European Union, some companies are big beneficiaries of the move.
One of those stocks is Diageo (DEO) - Get Report , according to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio. Diageo is a U.K.-based company known for brands Johnnie Walker, Crown Royal, Smirnoff, Baileys, Tanqueray and Guinness, among others.
The company does a lot of business in Europe, North America and Asia, which means it collects a lot of international revenue. With the British pound in decline, this is a positive catalyst, Cramer said.
He reminded investors that U.S. companies with international operations suffer from a strong U.S. dollar. Well, this is the opposite case: With a weak pound and plenty of international sales, Diageo is a big beneficiary, he said.
It didn't hurt that analysts at Goldman Sachs upgraded the stock to hold from sell, Cramer said. The company's American shares are up 1.2% to $104.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.