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BF.B

Brown-Forman, also tag with BFA, BFB

$52.45

0.17 (0.33%)

, BF.A

Brown-Forman, also tag with BFA, BFB

$52.91

0.36 (0.69%)

13:16
08/29/18
08/29
13:16
08/29/18
13:16

Jack Daniel's maker cuts outlook on tariffs as earnings beat expectations

Brown-Forman (BF.B) announced better than expected earnings per share and sales but cut its earnings guidance, citing competition and recently enacted retaliatory tariffs on American whiskey. The company's bourbons are among a range of U.S. products hit with tariffs by the EU, Canada and Mexico in retaliation for President Trump's decision to levy duties on steel and aluminum products from those countries. QUARTERLY RESULTS: Brown-Forman reported first quarter diluted earnings per share of 41c and revenue of $766M, both above consensus estimates of 39c and $758.7M, respectively. However, the company lowered its FY19 earnings per share outlook to $1.65-$1.75 from a previous view of $1.75-$1.85, with consensus at $1.80. "The competitive landscape in the developed world remains intense, and recently enacted retaliatory tariffs on American whiskey have created additional uncertainty around the company's near-term outlook, making it difficult to accurately predict future results," the Jack Daniel's maker stated. Last month, Cowen analyst Vivien Azer had upgraded Brown-Forman to Outperform from Market Perform, arguing that the risks of tariffs and a global trade war had been appropriately priced into the shares. The analyst added that the company has some of the strongest brand equity across her coverage and raised her price target on the shares to $58 from $54. WHAT'S NOTABLE: Back on June 26, Brown-Forman said it would hike prices on its whiskeys, including its Jack Daniel's brand, in certain European countries to combat tariffs placed on U.S. bourbon, according to a report by Reuters. Brown-Forman spokesman Phil Lynch said that anyone looking to purchase Jack Daniel's or Woodford Reserve whiskey in the impacted countries should expect to see the price of a standard 700 ml bottle rise by about 10%, the publication added. PRICE ACTION: In afternoon trading, Class B shares of Brown-Forman are fractionally up to $52.44.

BF.B

Brown-Forman, also tag with BFA, BFB

$52.45

0.17 (0.33%)

BF.A

Brown-Forman, also tag with BFA, BFB

$52.91

0.36 (0.69%)

BFA

Brown-Forman, also tag with BF.A, BF.B

$0.00

(0.00%)

BFB

Brown-Forman, also tag with BF.A, BF.B

$0.00

(0.00%)

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BF.B Brown-Forman, also tag with BFA, BFB
$52.45

0.17 (0.33%)

07/17/18
COWN
07/17/18
UPGRADE
Target $58
COWN
Outperform
Brown-Forman upgraded to Outperform with tariff risk seen as priced in at Cowen
As reported previously, Cowen analyst Vivien Azer upgraded Brown-Forman to Outperform from Market Perform. The analyst believes the risks of tariffs and a global trade war have been appropriately priced into the shares. She said the company has some of the strongest brand equity across her coverage. Azer raised her price target to $58 from $54 on Brown-Forman shares.
07/17/18
COWN
07/17/18
UPGRADE
COWN
Outperform
Brown-Forman upgraded to Outperform from Market Perform at Cowen
06/28/18
MSCO
06/28/18
UPGRADE
MSCO
Equal Weight
Brown-Forman upgraded to Equal Weight from Underweight at Morgan Stanley
06/12/18
06/12/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. SeaWorld (SEAS) downgraded to Sell from Neutral at Citi with analyst Jason Bazinet saying given the high short interest, a short squeeze ensued after SeaWorld beat the Street's Q1 EBITDA expectation by a wide margin. 2. Sotheby's (BID) downgraded to Neutral from Buy at Sidoti. 3. Buckeye Partners (BPL) downgraded to Neutral from Buy at UBS with analyst Shneur Gershuni saying Buckeye will enter a period of "sideways performance" until its growth comes online. 4. Brown-Forman (BF.A, BF.B) downgraded to Sell from Hold at Societe Generale. 5. Barrick Gold (ABX) downgraded to Underweight from Equal Weight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BF.A Brown-Forman, also tag with BFA, BFB
$52.91

0.36 (0.69%)

03/08/18
BMOC
03/08/18
NO CHANGE
Target $56
BMOC
Market Perform
Brown-Forman price target lowered to $56 from $70 at BMO Capital
BMO Capital analyst Amit Sharma lowered his price target on Brown Forman to $56 after the company's Q3 results that featured an organic sales growth of over 6% amid a "likely sustained" rebound in emerging markets and its overexposure to faster-growing premium American whiskies. The analyst also keeps his Market Perform rating, warning about the potential exposure to risks from a possible retaliatory tariff on the company's products by E.U. and Canada in response to the proposed U.S. steel/aluminum tariffs.
03/07/18
03/07/18
UPGRADE
Target $65

Buy
Brown-Forman upgraded to Buy after 'strong' Q3 at Pivotal Research
As previously reported, Pivotal Research analyst Timothy Ramey upgraded Brown-Forman (BF.B) to Buy from Hold and raised his price target on the stock to $65 from $52 after the company's "strong" Q3 sales and "excellent" adjusted earnings, telling investors he sees tax reform as a powerful positive going forward.
BFA Brown-Forman, also tag with BF.A, BF.B
$0.00

(0.00%)

BFB Brown-Forman, also tag with BF.A, BF.B
$0.00

(0.00%)

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