Nomura Securities Maintains a 'Neutral' on Brown Forman (NYSE: BF-B); Review of FY11 Results

Nomura Securities maintains a 'Neutral' on Brown Forman (NYSE: BF-B), PT raised by $2 to $77.

Nomura analyst, Ian Shackleton, said, "Although the year was positively affected by some one-off benefits on tax and asset disposals, the underlying message is that momentum is strong and building across the company’s geographies. This supports our thesis around a gradual return of spirits profit pool growth to historical levels with a US recovery becoming visible. Stock looks expensive due to traditional premium rating versus peers (calendar 2012E PE of 17.5x versus a spirits average of 14.1x); however, we think the shares would be interesting on any pullback."

For more ratings news on Brown Forman click here and for the rating history of Brown Forman click here.

Shares of Brown Forman closed at $71.75 yesterday.

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