Bernstein lowered the firm’s price target on Brown-Forman to $64 from $66 on Friday, while keeping an Outperform rating on the shares. The firm notes Spirits’ valuation continues to be weighed down by concerns around the rate of U.S. spirits normalization. Bernstein continues to like Brown-Forman on a long-term view due to its quality portfolio, forecasted margin expansion and attractive valuation despite its cautious view on U.S. topline normalization.
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