Brown-Forman price target lowered to $67 from $68 at RBC Capital

RBC Capital analyst Nik Modi lowered the firm’s price target on Brown-Forman to $67 from $68 and keeps a Sector Perform rating on the shares after its Q1 results. The analyst notes that the lapping of the rebuild in distributor inventories manifested in a greater than expected headwind vs. consensus expectations, which was due to rebuilds for brands and regions occurring at different times over the last 12 months. The firm also assigns a more conservative outlook for FY24 organic sales growth of 5.0% vs. 5.6% prior.