US: Brown-Forman gets ratings boost
Brown-Forman has received a ratings boost from an analyst in the US.
The company, which owns brands including Jack Daniel's whisky and Fetzer wine, saw its shares climb on Friday (8 December) after an analyst at HSBC upgraded the company's shares to 'overweight' from 'neutral'.
Analyst Lauren Torres said the fundamentals behind the Brown-Forman business are solid. "Brown-Forman continues to exhibit core brand strength, gain traction outside the US, and invest behind its brands, while adding premium brands to its portfolio through acquisitions and alliances," Torres said.
Torres also praised Brown-Forman's recent acquisition of Tequila brand Herradura. "We believe that Brown-Forman needed a premium tequila brand in this fast-growing category," Torres said.
At the close of trading on Friday, Brown-Forman shares had risen by US$0.87 to $68.75 on the New York Stock Exchange.
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