Brown-Forman price target lowered to $46 from $48 at Roth MKM

Roth MKM lowered the firm’s price target on Brown-Forman (BF.B) to $46 from $48 and keeps a Neutral rating on the shares. The company bested Q2 expectations, but the outlook remains murky on three fronts – expected soft Christmas, competitor excess inventories which could create a less rational environment, and the possibility of 50% EU whiskey tariffs, the analyst tells investors in a research note. While the prior year comparisons get easier, inventory levels and an uncertain consumer environment make an inflection difficult, the firm adds.