Brown-Forman price target lowered to $50 from $55 at Evercore ISI

Evercore ISI lowered the firm’s price target on Brown-Forman to $50 from $55 and keeps an In Line rating on the shares. Shares look “cheap today,” and the firm believes that investors with a long-term time horizon will be “amply rewarded.” However, the next 6-12 months look challenging given likely still too high home inventories and squeezed budgets in the U.S. and the firm contends that “given the momentum nature of today’s market, being too early is being wrong, hence our more cautious short-term stance” and In Line rating with “a positive bias.”