Evercore ISI lowered the firm’s price target on Brown-Forman (BF.A) (BF.B) to $30 from $32 and keeps an In Line rating on the shares following “mixed” Q3 results. Distributor changes drove an implied 4% tailwind in the quarter and U.S. sales likely benefitted from stock-up ahead of winter storms, the firm told investors in a research note. Evercore added that coming into results, the Street expected 30 basis points of annual gross margin compression, with new estimates likely at least 100 basis points worse than that.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BF.B:
- Brown-Forman sees 100-150bps of gross margin compression in FY27, FY28
- Morning Movers: Moderna rises after entering COVID settlement agreement
- Brown-Forman backs FY26 organic net sales view down low-single digit range
- Brown-Forman reports Q3 EPS 58c, consensus 47c
- Notable companies reporting before tomorrow’s open