Citi analyst Filippo Falorni downgraded Brown-Forman (BF.B) to Sell from Neutral with a price target of $27, down from $30. The firm believes the stock’s recent outperformance relative to the company’ spirits peers is overdone. Brown-Forman’s category trends are challenged and the first half of 2026 will bring the reversal of its “temporary” sales benefits from over-shipment, the analyst tells investors in a research note.
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