Bernstein downgraded Brown-Forman (BF.B) to Market Perform from Outperform with a price target of $29, down from $37.50. The firm believes the company’s margins will face pressure from more costly barreled whiskey for longer than initially anticipated. The stock will trade sideways for the foreseeable future as a result, the analyst tells investors in a research note.
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Read More on BF.B:
- Brown-Forman price target lowered to $26 from $30 at Deutsche Bank
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- Brown-Forman price target lowered to $27 from $29 at Morgan Stanley
- Brown-Forman price target lowered to $30 from $33 at Barclays
- Brown-Forman price target lowered to $30 from $32 at Evercore ISI