Brown-Forman price target raised to $38 from $35 at Citi

Citi analyst Filippo Falorni raised the firm’s price target on Brown-Forman (BF.B) to $38 from $35 and keeps a Neutral rating on the shares following the fiscal Q3 report. In Q4, the company will again see tailwinds from the cycling of easier inventory comps, but Citi still expects softer underlying sales given muted consumer takeaway trends in the U.S. and other key markets like Mexico and Germany, the analyst tells investors in a research note. The firm believes more evidence of underlying improvement will be required to drive a further multiple re-rating of the shares.