Written on Fri, 03/19/2010 - 6:41am
By Chip Brian
3/19/2010- UBS analysts raised their rating for Brown-Forman (NYSE:BF.B) to "neutral," up from "sell," and raised their price target to $58, up from $51, as they believe that fundamentals going forward are likely to improve and the valuation premium compared to its peers have narrowed.
Analyst Kaumil S. Gajrawala said, "During BFB's recent 3Q call we saw trends stabilize for nearly every brand. Jack Daniel's whiskey volumes increased 1% through 3Q vs. a 1% decline through 2Q. We expect this to continue into FY2011 as the economies in markets like Russia have stabilized as have US on-premise trends."
