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On Friday, RBC Capital analysts adjusted their outlook on Brown Forman (NYSE:BFb) stock (NYSE:BF-B), reducing the price target to $30 from the previous $44. The analysts maintained a Sector Perform rating, citing disappointing quarterly results as a reason for the revision.
The recent quarter’s performance continued a trend of underperformance for Brown Forman, which has contributed to a negative market narrative surrounding the company. The analysts noted that the ongoing cycle of downward revisions has left investors frustrated and skeptical about the company’s recovery timeline.
RBC Capital indicated that Brown Forman will need to demonstrate consistent performance to regain investor confidence. The firm stressed the importance of achieving stabilization in key markets before a more optimistic outlook can be considered.
The analysts emphasized that Brown Forman remains a "show me story" until further notice, highlighting the need for the company to meet performance targets consistently.
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