LinkedIn feeds have been flooded over the past week with Diageo staffers announcing their redundancies as the drinks giant targets more than 2000 job cuts.

Analysts have embraced CEO Sir Dave Lewis’ turnaround plans for Diageo, which include making $1 billion in savings over the next three years. Sir Dave has embarked on a significant overhaul of the company since taking charge in January, including removing significant head count globally.

Last week more than a third of staff at Diageo’s North America headquarters in New York were targeted for redundancy. The process, which will affect 305 workers, begins on 30 September.

A Diageo spokesperson said: “As we shared at the start of August, we have been redesigning our operating framework to deliver a more competitive Diageo. We understand that this is a difficult time for colleagues, and we remain committed to supporting everyone through these changes.”

The Diageo annual report revealed average employee numbers were already down by around 1900 over the financial year. Jefferies analyst Edward Mundy said he expects the next phase of reductions to include more senior staff, as cuts previously targeted employees with no direct reports.

Following the release of the annual report and as further changes take hold, the company is increasingly attracting “hold” and “buy” recommendations.

Mundy said the tone of the company’s annual report had changed markedly from a year earlier, moving away from the language of “accelerated growth” towards “returning to consistent growth” and outlining the foundations for the next phase of Diageo’s transformation.

He noted that the front cover of the annual report was another positive sign, swapping last year’s single-brand focus on Guinness for a broad display of core spirits, underlining focus across the company’s wider portfolio.

Mundy also undertook a word-count analysis of RTDs in the annual report and found mentions jumped from nine in the previous year to 50 in the current one, while references to premiumisation halved.

He was also positive about the company’s redesigned pay scheme, which will be put to shareholders at the November annual meeting. Long-term incentives will be more focused on earnings growth than sustainability targets.

A recent headline at Seeking Alpha was equally positive: Diageo: This Turnaround Story Is Getting Harder To Ignore. The financial database and investment research platform said Diageo was reiterated as a “buy”, supported by ongoing cost savings, a solid balance sheet and a promising turnaround under the new CEO.

“Valuation remains conservative, with intrinsic value estimated above current levels, reflecting confidence in long-term risk-reward despite near-term headwinds,” Seeking Alpha said.