RBC Capital keeps a Sector Perform rating and $49 price target on Brown-Forman ahead of its Q1 results. The firm states that it is still not eager to step in as the company is a few quarters away from better category visibility and that its checks suggest continued pressure on the category in the U.S. due to macros, slowing away-from-home consumption, and muted performance for its key brands. RBC adds that competition is also ramping up its promotional spend.
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