BofA raised the firm’s price target on Brown-Forman (BF.B) to $31 from $30 and keeps an Underperform rating on the shares following quarterly results “broadly in line” with expectations. The firm noted that underlying trends in the U.S. and Europe remain difficult. BofA added that Q2 will likely be more challenging as the Q1 phasing effects unwind. The firm said it increased the price target on a slight peer rerating and a two-month valuation roll-forward.
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