Brown-Forman downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded Brown-Forman (BF.B) to Hold from Buy with a price target of $48, down from $50. The analyst believes the shares will be range-bound over the medium-term, saying trends for Brown-Forman and the category remain weak. Brown-Forman’s fiscal 2025 guidance “appears overly optimistic” for a back-half recovery, as TD forecasts flat organic sales growth, the analyst tells investors in a research note.