Brown Forman Corporation (NYSE:BF.B) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $57.00 target price on the stock.

According to Zacks, “Brown-Forman outperformed the industry in the past month driven by robust outlook for fiscal 2018. The company retained underlying net sales and operating income forecasts after posting solid a first-quarter fiscal 2018, wherein both earnings and sales topped estimates. In fact, the bottom line reflected a turnaround from the dismal earnings reported in the prior quarter, benefiting from sturdy operating income growth and lower tax rate. Also, the company raised earnings projections for fiscal 2018, reflecting reduced tax rate and diminished foreign currency headwinds. Further, Brown-Forman is confident of growth at its premium American whiskey and tequila brands. Also, it expects to gain from new product launches including Jack Daniel's Tennessee Rye and Slane Irish Whiskey. However, the company anticipates volatile global economic situation, mainly in emerging markets, and intense competition in developed economies to hinder results.”

A number of other research firms also recently issued reports on BF.B. Societe Generale downgraded shares of Brown Forman Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, June 8th. Deutsche Bank AG restated a “hold” rating and issued a $50.00 price target on shares of Brown Forman Corporation in a research report on Tuesday, June 13th. Credit Suisse Group cut shares of Brown Forman Corporation from an “outperform” rating to a “neutral” rating and increased their price objective for the stock from $51.00 to $53.00 in a report on Wednesday, June 7th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $51.00 price objective on shares of Brown Forman Corporation in a report on Monday, May 22nd. Finally, Cowen and Company reaffirmed a “hold” rating and issued a $52.00 price objective on shares of Brown Forman Corporation in a report on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $50.43.

Brown Forman Corporation (NYSE:BF.B) last posted its quarterly earnings results on Wednesday, August 30th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. Brown Forman Corporation had a net margin of 17.29% and a return on equity of 51.93%. The company had revenue of $723 million for the quarter, compared to the consensus estimate of $690.38 million. During the same period last year, the firm posted $0.36 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis.

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About Brown Forman Corporation

Brown-Forman Corporation is a spirit and wine company. The Company manufactures, bottles, imports, exports, markets and sells a range of alcoholic beverages. The Company has a portfolio of approximately 40 spirit, wine and ready-to-drink cocktail (RTD) brands. Its principal brands include Jack Daniel’s Tennessee Whiskey, Jack Daniel’s RTDs, Jack Daniel’s Tennessee Honey, Gentleman Jack Rare Tennessee Whiskey, Jack Daniel’s Tennessee Fire, Jack Daniel’s Single Barrel Collection, Jack Daniel’s Sinatra Select, Jack Daniel’s Winter Jack, Jack Daniel’s No.

Analyst Recommendations for Brown Forman Corporation (NYSE:BF.B)

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