RBC Capital lowered the firm’s price target on Brown-Forman (BF.B) to $30 from $44 and keeps a Sector Perform rating on the shares. Despite subdued expectations and underperformance into the print, the company reported another rough quarter, and this Q4 performance will fuel the negative narrative as it marks “another chapter in the downward revision cycle”, the analyst tells investors in a research note. Brown-Forman investors will still be frustrated/skeptical as the recovery timeline continues to get pushed out, RBC added.
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