TD Cowen lowered the firm’s price target on Brown-Forman (BF.B) to $38 from $50 and keeps a Hold rating on the shares. The firm noted they announced exec leadership changes, a 12% workforce reduction, and the closure of its Louisville cooperage. The moves are expected to deliver $70-$80M in annualized cost savings some of which the company will reinvest for growth. Cowen views these moves as further evidence that the downturn in spirits demand remains challenging with no clear signs of an inflection.
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