Morgan Stanley analyst Eric Serotta lowered the firm’s price target on Brown-Forman (BF.A) (BF.B) to $29 from $32 and keeps an Underweight rating on the shares following “disappointing” fiscal Q4 results. Spirits markets are still weak, there are structural headwinds to alcohol in the U.S., American whiskey is in oversupply, and the firm sees continued tariff risk, the analyst tells investors.
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