Brown-Forman upgraded to Neutral from Sell at Citi

Citi upgraded Brown-Forman to Neutral from Sell with an unchanged price target of $52. The firm expects the company’s results will be pressured throughout the first half of fiscal 2025, but believes this is better understood by the market post Brown-Forman’s three large consecutives sales misses and two consecutive guidance cuts. Citi believes the shares are close to a bottom following the recent underperformance.