Brown-Forman price target lowered to $28 from $34 at JPMorgan

JPMorgan lowered the firm’s price target on Brown-Forman (BF.B) to $28 from $34 and keeps an Underweight rating on the shares. The company “negatively surprised” on both fiscal Q4 results and the fiscal 2026 outlook, which “pours additional fuel” on the structural versus cyclical debate, the analyst tells investors in a research note. The firm says the significant drop in shares post earnings reflects both lowered estimates and de-rating to a peer average multiple. JPMorgan does not see a catalyst for near-term material improvement in investor sentiment. With Brown-Forman’s recent disappointments and lack of visibility to potential inflection, it is “prudent to remain cautious,” the analyst contends.