Goldman Sachs Downgrades Brown Forman (BF-B) to Sell, Sees a Miss

Goldman Sachs downgraded Brown Forman (NYSE: BF-B) from Neutral to Sell with a price target of $65.00 (from $63.00).

The firm said while they are positive on the long-term fundamental outlook, shares are trading at at peak valuation (15.5-16X 2013 EV/EBITDA) and they see risk of a 2Q13 miss. Goldman estimates 2Q13 EPS of $0.73, versus the consensus of $0.78. They see the miss attributable more to inventory de-stocking and a tough year-ago comparison.

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 $70.14 yesterday.

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