Jack Daniel’s Distiller Brown-Forman Downgraded to Sell Due to COVID-19
Alcohol sales may be surging during the pandemic, but Brown-Forman (NYSE: BF.A)(NYSE: BF.B) isn't expected to benefit, and one analyst says its current valuation doesn't reflect the risks it faces from COVID-19 or the recession which most economists believe is already underway.
Early Wednesday morning, UBS analyst Sean King downgraded Brown-Forman to sell from his previous neutral rating, and cut his price target on the more widely traded Class B shares from $64 -- close to where they currently trade -- to $56. The distiller owns a portfolio of brands including Jack Daniel's whiskey, Woodford Reserve Kentucky bourbon, and Finlandia vodka.
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Source Fool.com
