Brown-Forman price target lowered by $9 at Barclays, here’s why

Barclays lowered the firm’s price target on Brown-Forman to $54 from $63 and keeps an Equal Weight rating on the shares. The analyst says Brown-Forman was the latest of the global spirits players to acknowledge a softening backdrop. The company lowered its fiscal 2024 guidance by 200 basis points for organic sales and operating profit, the analyst tells investors in a research note.