Credit Suisse Starts Brown Forman (BF-B) at Outperform
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Credit Suisse initiates coverage on Brown Forman (NYSE: BF-B) with a Outperform rating and a price target of $52.00.
Analyst Laurent Grandet commented, "We are initiating coverage of Brown-Forman with an Outperform rating and a $52 target price. Our estimates are generally in-line with the consensus for FY17/18. We believe the company's recent reshuffle of its portfolio lineup, including the divestiture of Southern Comfort and the investments in Scotch and Irish whisky, will lead to higher returns and long-term sustainable growth. We think the recent share price decline following Q1 earnings provides an attractive entry point for investors."
Shares of Brown Forman closed at $45.62 yesterday.
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