Brown-Forman Price Target Cut to $29 on Higher Whiskey Barrel Costs
Bernstein cut Brown-Forman’s rating to Market Perform from Outperform, lowering the price target to $29 from $37.50. The firm forecasts extended margin pressure due to higher barreled whiskey costs.
1. Bernstein Downgrades Rating and Cuts Target
Bernstein lowered Brown-Forman’s rating to Market Perform from Outperform and reduced its price target to $29 from $37.50 in its latest coverage update.
2. Extended Margin Pressure from Barrel Costs
The firm cited expectations that elevated costs for barreled whiskey will persist longer than initially anticipated, exerting continued pressure on the company’s profit margins.
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