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Morgan Stanley negative on Brown-Forman

Morgan Stanley backs its Underweight rating on Brown-Forman (BF.A, BF.B) in a new note to clients.

“We believe valuation does not reflect increasing competitive risk from flavored whiskeys and craft spirits,and a topline slowdown vs. historical trends already in place,” warns analyst Dara Mohsenian.

The firm sets a base case price target of $47 on Brown-Forman and bear case PT of $42.

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