Roth MKM raised the firm’s price target on Brown-Forman to $69 from $66 and keeps a Neutral rating on the shares. The company’s Q1 results were a miss, though it also showed its first gross margin expansion since Q2 as it lapped a distributor inventory replenishment period, the analyst tells investors in a research note. Brown-Forman’s growth and margin expansion could be working in tandem by 2023 year-end, the firm added.
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Read More on BF.B:
- Brown-Forman price target lowered to $67 from $68 at RBC Capital
- Brown-Forman sees FY24 organic net sales up 5%-7%
- Brown-Forman reports Q1 EPS 48c, consensus 53c
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