Brown-Forman price target raised to $47 from $45 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Brown-Forman (BF.B) (BF.A) to $47 from $45 and keeps an Equal Weight rating on the shares. The firm said it remains Equal Weight following the Q2 beat and reiterated FY25 guidance, with U.S. and global spirits markets still soft and limited visibility around a recovery, but easier comps ahead. The firm added that it is increasingly concerned about over-supply of American whiskey over the next few years as current barreled whiskey reaches maturity, which could be exacerbated by retaliatory tariffs impacting international demand.