Brown-Forman price target lowered to $28 from $35 at Citi

Citi lowered the firm’s price target on Brown-Forman (BF.B) to $28 from $35 and keeps a Neutral rating on the shares. The company reported a large fiscal Q4 miss, with sales coming in well below consensus and investor expectations on softer underlying sales trends, the analyst tells investors in a research note. The firm says Brown’s fiscal 2026 outlook was also worse than expected, which management attributed to limited visibility given the ongoing macro headwinds, primarily from tariff-related uncertainty, and much lower expected barrel sales. Citi believes the “structural bear argument is hard to disprove given very soft underlying trends,” but that it seems somewhat reflected in the stock’s valuation.