Brown-Forman downgraded to Hold from Buy at Truist

Truist downgraded Brown-Forman (BF.B) to Hold from Buy with a price target of $45, down from $50. Brown-Forman’s core Jack Daniel’s brand, which accounts for over 50% of total sales, has lost its premium luster with U.S. consumers and will continue to underperform the category until the company meaningfully revamps its marketing efforts, the analyst tells investors in a research note. In addition, Truist believes the company’s forecast for top line growth in the second half of 2025 as the industry normalizes post-pandemic could provide aggressive.