BofA analyst Bryan Spillane lowered the firm’s price target on Brown-Forman (BF.A) (BF.B) to $30 from $37 and keeps an Underperform rating on the shares after the company reported Q4 EPS of 31c, which was ahead of the firm’s forecast of 29c but below Visible Alpha consensus of 34c. The firm’s Underperform rating reflects the view that global spirit sales will remain pressured for a prolong period of time and it believes a lower multiple is justified given increased concerns on the long term sustainability of the spirits category, the analyst tells investors in a post-earnings note.
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