Needham analyst Gerald Pascarelli initiated coverage of Brown-Forman (BF.B) with a Hold rating. The company’s performance will likely improve in the back half of FY25, but its U.S. depletion trends, along with challenged consumer survey takeaways and industry channel headwinds, leave the firm cautious on Brown-Forman’s ability to deliver much more than the low-end of topline guidance, the analyst tells investors in a research note. The pending EU tariff risk on American Whiskey, which may be reinstated in March at 50%, will likely act as an overhang on any incremental positive new category developments, Needham adds.
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