Nomura Securities Maintains a 'Neutral' on Brown Forman (BF-B); Raises PT & Estimates After Strong Q1

Nomura Securities maintains a 'Neutral' on Brown Forman (NYSE: BF-B) price target $65.00 (from $59)

Analyst, Ian Shackleton, said, "After a strong Q1 we upgrade our FY EPS estimate towards the top end of the company guidance range (USD 2.63 within range USD 2.40-2.67). In addition, factoring this in, as well as assuming a lower medium-term tax rate, we increase our target price to $65. We see the company is already delivering growth in line with the longer-term modeling. With net debt likely to disappear in FY13 despite higher capex plans, we expect the company to be more acquisitive. Company trades at a calendar 2013E P/E of 22.8x vs. spirits sector at 16.9x."

For an analyst ratings summary and ratings history on Brown Forman click here. For more ratings news on Brown Forman click here.

Shares of Brown Forman closed at $64.20 yesterday.

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