Brown-Forman downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Brown-Forman (BF.B) to Neutral from Overweight with a price target of $43, down from $45. The firm sees “still challenged trends” in the U.S. and developed international markets for the company. While the last earnings report showed some improvement, Brown-Forman still isn’t “fully out of the woods” given tariff uncertainty in the coming months and ongoing soft consumption trends in the U.S., the analyst tells investors in a research note. JPMorgan sees risk of a “double whammy” for the company if European Union retaliatory tariffs return and if the U.S. slaps tariffs on Mexican imports.