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Fly News Breaks for August 29, 2019
Aug 29, 2019 | 09:09 EDT
SunTrust analyst Bill Chappell raised his price target on Brown-Forman to $55 and kept his Hold rating after its "mixed and noisy" Q1 results with an earnings beat and a revenue miss. The analyst notes that the flat underlying sales are not a concern since the company was comping against a "sell-in in the E.U." last year and believes that its end market demand remains strong. Chappell adds that Brown-Forman sales should recover in Q2, even though the valuation on the stock makes him reluctant to "chase" from current levels.
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