Brown-Forman Corporation Upgraded to Buy at Berenberg Bank
<p>Analysts at Berenberg Bank upgraded <a href='https://financialmodelingprep.com/financial-summary/BF-B'>Brown-Forman Corporation (NYSE:BF-B) </a>to buy from hold, raising their price target to $76.10 from $69.20, noting that now is an attractive point for entry.</p>
<p>The analysts believe there is an upside risk to earnings forecasts, taking into account the consensually strong updates from all peers. </p>
<p>Moreover, the withdrawal of EU tariffs (The EU ended its punitive tariffs on American whiskey on 1 January 2022 ) is expected to have an immediate positive impact on the company’s gross margins this year. The company estimates that these tariffs have had a combined impact of $70 million on gross profit. The analysts expect the termination of tariffs, combined with stabilization of agave and wood inflation, and replenishment of distributor stocks will kickstart a strong gross margin recovery in calendar 2022.</p>

NYSE:BF-B