Brown-Forman price target lowered to $56 from $60 at RBC Capital

RBC Capital lowered the firm’s price target on Brown-Forman to $56 from $60 and keeps a Sector Perform rating on the shares. Q4 marked another quarter where the spirits category pressure and normalization process manifested in topline weakness, and the management needed to lower its more ambitious growth targets, reflecting near-term pressures, the analyst tells investors in a research note. RBC adds that while there isn’t anything wrong with the spirits category longer term, the firm continues to see consumer pressures on the horizon, with the uncertainty around category normalization timeline creating “further caution”.