<div id="readability-page-1"><p>12:30 PM EST, 12/04/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:</p><p>We lower our 12-month price target by $5 to $25, based on a FY 27 (Apr.) P/E of 15.2x, a steep but justified discount to historical averages. We lower our EPS estimates by $0.05 to $1.60 for FY 26 and by $0.05 to $1.65 for FY 27. Following BF.B's Q2 FY 26 earnings release, we lower our opinion on the shares to Sell from Hold. The downgrade reflects a lack of catalysts and a belief that BF.B is likely to lower FY 26 operating income guidance in the coming months as spirits-related demand headwinds persist. BF.B is currently guiding for a low single-digit decline in operating income growth for FY 26, but growth was down 4% in the first two quarters of the fiscal year. Organic net sales growth was flat in the first half of the fiscal year but only because a 4% decline in reported net sales was fully offset by a 4% positive contribution from acquisitions and divestitures. In our view, consensus estimates are still too high in light of fundamental realities and inventory levels that appear bloated.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

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<p>CFRA has downgraded Brown-forman Corporation shares to 'Sell' from 'Hold', reducing the 12-month price target to $25. The downgrade is due to a lack of catalysts and expected lower FY 26 operating income guidance amid persistent demand headwinds. CFRA also lowered EPS estimates for FY 26 and FY 27, citing flat organic net sales growth and bloated inventory levels.</p>

Research Alert: CFRA Lowers Opinion On Brown-forman Corporation Shares To Sell From Hold