Brown-Forman price target lowered to $48 from $49 at Roth MKM

Roth MKM analyst Bill Kirk lowered the firm’s price target on Brown-Forman to $48 from $49 and keeps a Neutral rating on the shares. The firm warns that with Q1 depletions down 9%, the path to implied positive depletions for the full-year is not clear, while the company’s guidance requires a positive 3% growth for remainder of year, the analyst tells investors in a research note. Prior year comparisons get easier, but pricing competitiveness, inventory levels, and an uncertain consumer environment make an inflection of that magnitude difficult to rely upon, the firm added.