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Fly News Breaks for January 8, 2019
BFB, BFA, BF.B
Jan 8, 2019 | 21:39 EDT
Goldman Sachs analyst Judy Hong downgraded Brown-Forman to Sell and lowered her price target for the shares to $43 from $48. The analyst believes whiskey competition in the U.S. and a "more muted" pricing and margin outlook create downside risk to consensus estimates. Competition in U.S. whiskey is causing Jack Daniels to lose market share, Hong tells investors in a research note. Further, Brown-Forman's valuation is still full even after recent stock pullback, the analyst argues.
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