Brown-Forman price target lowered to $48 from $56 at BofA

BofA lowered the firm’s price target on Brown-Forman to $48 from $56 and keeps an Underperform rating on the shares. The company’s Q4 results and guidance reflect the current weakness in the Spirits market, the analyst tells investors in a research note. The firm is also reducing its assumed forward earnings multiple to 25-times from 28-times, stating that a lower multiple is justified given slower organic sales growth and lower than originally anticipated operating margin expansion.