Brown Forman (BF-B) PT Lowered to $81 at Citi
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Citi analyst Wendy Nicholson lowered the price target on Brown Forman (NYSE: BF-B) to $81.00 (from $84.00) while maintaining a Neutral rating.
The analyst comments "We are updating our FY21 estimates to better reflect BFB’s expectation for a challenging fiscal 3Q21 given COVID-related shutdowns (and our belief that Europe is likely even tougher than originally expected given the sustained lockdowns seen in that market). As such, we are lowering our FY21 EPS estimate to $1.75 and our FY22 EPS estimate to $1.89 (to be more in line consensus and despite tailwinds that we expect BFB will see from a more favorable tariff and f/x environment). Our CY22 estimate becomes $2.02. Given our continued belief that BFB deserves to trade at a 100% premium to the market, the current market multiple of ~20x based on the Street’s 2022 EPS estimate and our new CY22 EPS estimate of $2.02, we derive an $81 target price. Given that this represents less than 15% upside from current levels, we maintain our Neutral rating."
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