July 17, 2018 / 11:59 AM / in 4 months

BUZZ-Brown-Forman: Cowen raises rating, says trade war fear priced in

** Cowen and company raises rating for Brown-Forman to “outperform” from “market perform”, says risk of tariffs and global trade war have been appropriately priced into stock

** Says retaliatory tariffs on bourbon to have an impact on BFB given that Europe is ~26 pct of sales, while Mexico is ~5 pct and Canada is 1 pct; estimates ~20 pct of bourbon sales could be at risk

** However, Cowen remains constructive on bourbon consolidation and BFB’s consistent long-term growth, especially as emerging markets and developed international markets continue to post robust results

** Says while international results are likely to be volatile in the coming quarters, BFB’s portfolio remains well-positioned to weather any incoming macroeconomic headwinds

** Brokerage raises PT by $4 to $58; median PT $52

** Of 17 analysts covering the stock, 3 have “strong buy/buy” rating, 12 “hold” and 2 “sell”

** Stock down 5 pct this year

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