Analysts Just Increased Price Targets of These 5 Stocks

In this article, we discuss 5 stocks that analysts just increased the price targets of. If you want to see some more stocks that were favored by analysts, go to Analysts Just Increased Price Targets of These 10 Stocks.

5. Brown-Forman Corporation (NYSE:BF-B)

Number of Hedge Fund Holders: 33

Brown-Forman Corporation (NYSE:BF-B) has soared 1.41% as of 12:09 PM ET after the price target on the Kentucky-based spirits, and wine company was increased from $68 to $72 by Steve Powers at Deutsche Bank. The revision follows the strong Q4 FY22 results posted by Brown-Forman Corporation (NYSE:BF-B) on June 8. Brown-Forman Corporation (NYSE:BF-B) reported revenue of $996 million, higher than the consensus estimate of $831.79 million. Meanwhile, the EPS was posted at 31 cents as opposed to the analysts’ forecast of 27 cents.

Here’s what Lindsell Train said about Brown-Forman Corporation (NYSE:BF-B) in its Q4 2021 investor letter:

“Such growth indicates that it’s not mass market tequila shots driving the boom but rather exquisitely crafted Palomas and complex fine sipping tequilas served over ice or even neat. The global rise of interest in cocktails – itself another indicator of consumer tastes turning towards quality over quantity – has been kind to tequila, with the 2021 Bacardi Global Brand Ambassador Survey placing it as the top trending spirit for 62% of global bartenders (rising to 76% in the US) and tequila-based cocktails now ranking 4 of 30 in popularity. We recognise that trends and “booms” have long been a feature of the spirits market, but arguably the combination of demographic behavioural changes and the increased emphasis on truly differentiated flavours as well as heritage and provenance might make shifts like this more durable than in previous years. So we were impressed with our Global portfolio holding Brown-Forman’s 20% growth in tequila volumes in 2021; and despite raised eyebrows at the 2017 Casamigos purchase price of $1bn, we’re pleased that Diageo owns this superpremium tequila and has managed to grow case sales from just 170,000 in 2017 to 1m in 2020. And even more importantly, I did happen to notice in the course of my, er, extensive research that Casamigos has now been immortalised by Claridge’s in a new cocktail named – what else? – “The George”.”

Of the 912 hedge funds in Insider Monkey’s database, 33 funds held a position in Brown-Forman Corporation (NYSE:BF-B) as of Q1 2022.