<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 已将 Brown-Forman 公司的股票评级从 “持有” 下调至 “卖出”，将 12 个月的目标价下调至 25 美元。此次下调是由于缺乏催化剂以及预计 FY 26 的营业收入指引将下降，原因是持续的需求压力。CFRA 还下调了 FY 26 和 FY 27 的每股收益预期，指出有机净销售增长持平和库存水平过高</p>

研究警报：CFRA 将 Brown-forman Corporation 的股票评级从持有下调为卖出