JPMorgan analyst Drew Levine upgraded Brown-Forman (BF.B) to Neutral from Underweight with a price target of $27, up from $25. The company has historically not been receptive to takeover offers and its fundamentals remain challenged, but the prospect for potential M&A should support shares for now, the analyst tells investors in a research note. Additional upside could be possible if a deal is consummated, the firm added.
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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’