Brown-Forman price target lowered to $28.50 from $31 at BofA

BofA lowered the firm’s price target on Brown-Forman (BF.A) (BF.B) to $28.50 from $31 and keeps an Underperform rating on the shares. The spirits industry in the U.S. has been declining 3%-4% consistently this year, excluding prepared cocktails, and the firm’s recent virtual fieldtrip confirmed that recovery may still take time, the analyst tells investors.