Brown-Forman price target lowered to $67 from $72 at Roth MKM

Roth MKM analyst Bill Kirk lowered the firm’s price target on Brown-Forman to $67 from $72 and keeps a Neutral rating on the shares after its Q3 results. The company’s headline earnings miss was smaller than it initially appeared when excluding one-time items, but its gross margin continued its decade-long decline, the analyst tells investors in a research note. The firm adds that given the elevated valuation at enterprise value 25-times expected EBITDA, the company’s volume and gross margin need to "work in tandem".