Brown Forman (BF-B) PT Lowered to $49 at RBC Capital

RBC Capital analyst Nik Modi lowered the price target on Brown Forman (NYSE: BF-B) to $49.00 (from $56.00) while maintaining a Sector Perform rating.

The analyst comments "This feels like a recurring theme but another quarter of pressure for BF.B as the spirits category continues to normalize, deal with headwinds from macro pressures, and inventory adjustments (across distributors, retail, and consumers). While BF.B’s below-algorithm guide is appropriate given the category dynamics, the uncertainty around category normalization timeline still clouds visibility. We are lowering our PT to $49 (from $56) and reiterate our Sector Perform rating."

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