Brown-Forman (BF-B) Climbs 5.6% on JPMorgan Upgrade

Brown-Forman Corp. (NYSE:BF-B) is one of the 10 Stocks Investors Are Tracking Now.

Brown-Forman extended its rally for a third day on Friday, adding 5.63 percent to close at $27.19 apiece as investors took path from JPMorgan’s rating and price target upgrade for the stock.

In a market note, JPMorgan lifted its price target for Brown-Forman Corp. (NYSE:BF-B) to $27 from $25 previously, while upgrading its rating to “neutral” from “underweight” previously, reflecting its stance on the liquor maker’s willingness to review higher value opportunities.

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“Even if a deal is not consummated, in our view, the news signals that BF is at least willing to sit at the table and consider value creation opportunities,” JPMorgan said.

On Thursday, Brown-Forman Corp. (NYSE:BF-B) confirmed that it was reviewing a “merger of equals” with Pernod Ricard in line with their aim to create a global spirits leader “with enhanced scale, a powerful brand portfolio, and a balanced geographic footprint.” It said, however, that a deal was not guaranteed.

Brown-Forman Corp. (NYSE:BF-B) is a global leader in the spirits industry, which owns Jack Daniel’s Family of Brands, Woodford Reserve, Old Forester, New Mix, el Jimador, Herradura, The Glendronach, Glenglassaugh, Benriach, Diplomático Rum, Gin Mare, Fords Gin, Chambord, and Slane.

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