Brown-Forman price target lowered to $49 from $56 at RBC Capital

RBC Capital lowered the firm’s price target on Brown-Forman to $49 from $56 and keeps a Sector Perform rating on the shares. The company’s Q4 marked another quarter of pressure for the company as the spirits category continues to normalize and also deal with headwinds from macro pressures and inventory adjustments, the analyst tells investors in a research note. Brown-Forman’s below-algo guide is appropriate given the category dynamics, but the uncertainty around category normalization timeline still clouds visibility, RBC added.