Brown Forman (BF-B) PT Lowered to $66 at Bernstein SocGen Group

Bernstein SocGen Group analyst Nadine Sarwat lowered the price target on Brown Forman (NYSE: BF-B) to $66.00 (from $69.00) while maintaining a Outperform rating.

The analyst comments "Inventories, inventories, inventories. The main eyesore of BF’s Q4 F24 results were inventories: a whopping 9%pts headwind to topline as distributors ran down their existing stock. By region, this was a ~10%pt headwind in the US, ~6%pt headwind in Developed International and ~15%pts headwind in Emerging (and a 1%pt tailwind in Travel Retail). Management pointed to two reasons for this adjustment: (i) lower-for-longer end-consumer demand, and (ii) higher interest rates. Taken together, distributors are now holding levels of inventory towards the bottom end of their normal range / slightly below normal."

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