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BF.B

Brown-Forman, also tag with BFA, BFB

$53.54

0.16 (0.30%)

, BF.A

Brown-Forman, also tag with BFA, BFB

$54.34

0.025 (0.05%)

10:49
05/24/17
05/24
10:49
05/24/17
10:49

Constellation may want to buy Brown-Forman but Brown family not seen selling

After CNBC reported yesterday afternoon that Constellation Brands (STZ) had made a takeover offer for Brown-Forman (BF.A, BF.B) that was subsequently rejected by the latter company's board, Citi downgraded shares of the spirits maker to Neutral, stating that a deal is "very unlikely" to materialize. A number of other firms agreed with Citi's take. Constellation Brands focuses on marketing beer but also sells wine and spirits. Brown-Forman, which primarily sells liquor, owns the Jack Daniel's brand among others. CITI DOWNGRADE: Citi analyst Wendy Nicholson noted that Brown-Forman closed yesterday just below her target price of $54. Significant "cultural differences" between Constellation and Brown-Forman make a deal between the two companies unlikely, added the analyst. Although another bidder for Brown-Forman could emerge, liquor makers Diageo (DEO), Pernod and Moutai probably won't carry out a transaction involving the Jack Daniels maker in the near-term, wrote Nicholson. CONSENSUS VIEW: Given Constellation's $9B in debt, it doesn't have the ability to buy Brown-Forman, wrote Credit Suisse analyst Laurent Grandet. Additionally, the Brown family owns more than two-thirds of Brown-Forman's voting shares and has said before it's not interested in selling the company, Grandet wrote. Given the lack of synergies between the companies, the family's position probably won't change, Grandet believes. Wells Fargo analyst Bonnie Herzog agrees that Constellation probably can't access enough money to make the deal. Additionally, any transaction would be dilutive to Constellation's shareholders since Brown-Forman trades at a higher valuation, the analyst stated. Furthermore, Constellation's founding family, the Sands, probably won't want to give up any control after a deal, Herzog believes. However, Constellation could consider alternative approaches that may enable a deal to work, the analyst stated. For example, Herzog says that it could spin off its wine and spirits business, combine it with Brown-Forman, and take a minority stake in the new company. Alternately, Constellation could sell its beer business to another brewer and then combine its wine and spirits business with Brown-Forman, Herzog offered. She kept an Outperform rating on Constellation shares. PRICE ACTION: In morning trading, Brown-Forman B shares were fractionally higher at $53.75 and Constellation fell 1.6% to about $178 per share.

BF.B

Brown-Forman, also tag with BFA, BFB

$53.54

0.16 (0.30%)

BF.A

Brown-Forman, also tag with BFA, BFB

$54.34

0.025 (0.05%)

STZ

Constellation Brands, also tag STZ.B

$177.84

-3.02 (-1.67%)

DEO

Diageo

$121.64

-0.1 (-0.08%)

BF.B Brown-Forman, also tag with BFA, BFB
$53.54

0.16 (0.30%)

05/24/17
COWN
05/24/17
NO CHANGE
Target $205
COWN
Outperform
Cowen believes Constellation deal for Brown-Forman unlikely
Cowen analyst Vivien Azer noted the media report that Constellation Brands (STZ) has made an offer to acquire Brown-Forman (BF.B), which has reportedly been rejected. She noted the recent strength in Brown shares, but does not believe a deal will be consummated given the Brown family's bias toward being long-term owner/operators and their long-term success in running the business. Azer has an Outperform rating and $205 price target on Constellation Brands shares and a Market Perform rating on Brown-Forman shares.
05/24/17
RBCM
05/24/17
NO CHANGE
RBCM
Difficult to see value of Constellation proposed deal, says RBC Capital
After CNBC reported that Constellation Brands (STZ) had proposed a takeover of Brown Forman (BF.B), RBC Capital analyst Nik Modi is "struggling to see the near- and medium-term valuation creation from such a transaction." The analyst says that Constellation " is already in the penalty box" from its takeover of Ballast Point, and the analyst says that investors remember "ROIC dilutive wine deals" that Constellation did years ago. Modi says that the companies could instead make "go-to-market deals" that would enable them to utilize each other's distribution networks and products vis-a-vis retaielrs and wholesalers. Modi keeps a Sector Perform rating on Brown-Forman.
05/24/17
WELS
05/24/17
NO CHANGE
WELS
Constellation Brands unlikely to buy Brown Forman, says Wells Fargo
After CNBC reported that Constellation Brands (STZ) had made an approach to acquire Brown Forman (BF.B) that the whiskey maker's board rejected, Wells Fargo said the deal is unlikely to materialize. Among the obstacles are Constellation's inability to raise sufficient cash and the fact that Brown Forman "has repeatedly said it's not for sale," Wells Fargo stated. However, the firm says that Constellation could acquire a minority stake in Brown Forman or sell its wine and spirits business to Brown Forman. Wells keeps an Outperform rating on Constellation.
05/24/17
FBCO
05/24/17
NO CHANGE
Target $51
FBCO
Outperform
Credit Suisse doesn't see Constellation buying Brown-Forman
Credit Suisse analyst Laurent Grandet understands why Constellation Brands (STZ) would be willing to acquire Brown-Forman (BF.B), as it has been reported to have offered to do, but he thinks the price tag, which will "probably be in the region of $30B," and the Brown family's control are two major issues that make a takeover deal unlikely. He keeps an Outperform rating and $51 price target on Brown-Forman's B shares.
BF.A Brown-Forman, also tag with BFA, BFB
$54.34

0.025 (0.05%)

12/22/16
RHCO
12/22/16
DOWNGRADE
RHCO
Hold
Brown Forman downgraded on negative catalysts at SunTrust
As noted earlier, SunTrust downgraded Brown Forman to Hold from Buy. Analyst William Chappell, Jr. predicts that, "foreign exchange headwinds and waning investor appetites for higher yields" will cause the stock "to stay in a trading range in coming quarters." Target to $45 from $55.
09/15/16
FBCO
09/15/16
INITIATION
FBCO
Neutral
Brown Forman initiated with a Neutral at Credit Suisse
STZ Constellation Brands, also tag STZ.B
$177.84

-3.02 (-1.67%)

DEO Diageo
$121.64

-0.1 (-0.08%)

10/26/16
HSBC
10/26/16
UPGRADE
HSBC
Buy
Diageo upgraded to Buy from Hold at HSBC
HSBC analyst Anthony Bucalo upgraded Diageo to Buy with a price target of GBP 26 citing the company's cultural change.
12/13/16
JPMS
12/13/16
NO CHANGE
JPMS
Overweight
Diageo added to European Analyst Focus List at JPMorgan
JPMorgan analyst Komal Dhillon overnight added Diageo to his firm's European Analyst Focus List. The analyst expects the shares to outperform the European Beverages sector given the company's high exposure to the U.S. and potential for material improvement in Scotch. He kept an Overweight rating on Diageo with a 2,500p price target.
03/30/17
GSCO
03/30/17
DOWNGRADE
GSCO
Sell
Diageo downgraded to Sell from Neutral at Goldman
Goldman downgraded Diageo to Sell saying it faces headwinds from slowing market growth in the US driven by deteriorating market pricing that began in late 2015.
05/24/17
SBSH
05/24/17
DOWNGRADE
Target $54
SBSH
Neutral
Brown Forman downgraded to Neutral from Buy at Citi
Citi analyst Wendy Nicholson downgraded Brown Forman (BF.B) to Neutral saying "very big" cultural differences make a sale to Constellation Brands (STZ) "very unlikely, regardless of the price." Another bidder could emerge, but a near-term deal with either of Pernod, Diageo (DEO) or Moutai is low, Nicholson tells investors in a research note. The analyst keeps a $54 price target for Brown Forman shares.

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