Rothschild & Co Redburn upgraded Brown-Forman (BF.B) to Neutral from Sell with a price target of $30, down from $40. The company’s domestic market has stalled, driving a two-year estimate downgrade cycle and share de-rating, the analyst tells investors in a research note. However, the firm believes Brown-Forman has a “compelling” international growth opportunity while its cash conversion is positioned to improve as its investment cycle ends. Rothschild sees valuation support at current share levels.
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