Barclays upgraded Brown-Forman to Overweight from Equal Weight with a price target of $53, up from $43. After a challenging year for U.S. spirits as a whole, “we are close to the end of the negative revision cycle” at Brown-Forman, the analyst tells investors in a research note. The firm thinks the stock’s current narrow premium versus historical average “presents a shot worth taking.” Brown-Forman’s limited China exposure and high gross margins serve as “attractive defensive pillars,” contends Barclays.
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