Brown-Forman price target lowered to $52 from $56 at JPMorgan

JPMorgan lowered the firm’s price target on Brown-Forman to $52 from $56 and keeps a Neutral rating on the shares ahead of the fiscal Q4 report on June 5. While visibility remains low, the company’s fiscal 2025 outlook could serve as a clearing event if investors get comfortable that downward revisions are in the rearview post the print, the analyst tells investors in a research note. However, the firm also sees potential for further relative multiple compression should the guidance be viewed as too aggressive.