Brown-Forman price target lowered to $45 from $48 at BofA

BofA analyst Bryan Spillane lowered the firm’s price target on Brown-Forman (BF.A) (BF.B) to $45 from $48 and keeps an Underperform rating on the shares. The firm maintains its Q2 EPS estimate of 48c versus Visible Alpha consensus of 49c, but notes that its estimate now incorporates lower organic sales, a smaller headwind from divestitures and lower gross margins. The firm also lowered its FY25 EPS estimate to $1.77 from $1.80, which is driven by lower equity income from Duckhorn Portfolio (NAPA).