Citi upgraded Brown-Forman (BF.B) to Neutral from Sell with a price target of $28, up from $24, after the company confirmed merger talks with Pernod Ricard. Citi cites Brown’s “transformational merger potential” for the upgrade.
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Read More on BF.B:
- Brown-Forman upgraded to Neutral from Underweight at JPMorgan
- Brown-Forman confirms discussions with Pernod Ricard
- Balanced Risk-Reward Amid M&A Speculation and Strategic Shift Supports Hold on Brown‑Forman B
- Roth says significant premium would likely be required for Brown-Forman to sell
- TD Cowen views Brown-Forman as ‘unlikely seller’