Barclays Americas Morning Research Summary

Research evidence excerpt

Barclays Americas Morning Research Summary

Source & Legend

Company Research

Accor (ACCP.PA) Ally Financial Inc. (ALLY) American Electric Power Company, Inc. (AEP)

Apple, Inc. (AAPL) Bank of America (BAC) Brown-Forman (BFb)

Citigroup Inc. (C) Citizens Financial Group Inc. (CFG) DaVita Inc. (DVA)

Fifth Third Bancorp (FITB) First Citizens BancShares, Inc. (FCNCA) Goldman Sachs Group Inc. (GS)

Hawaiian Electric Inds (HE) Huntington Bancshares (HBAN) ICON (ICLR)

JPMorgan Chase & Co. (JPM) KB Home (KBH) Keurig Dr Pepper (KDP)

KeyCorp (KEY) M&T Bank (MTB) McCormick & Co. (MKC)

Morgan Stanley (MS) Natera (NTRA) Northern Trust (NTRS)

PNC Financial Services Gp (PNC) Prologis, Inc. (PLD) QIAGEN (QGEN)

Regions Financial (RF) SAB Biotherapeutics Inc. (SABS) State Street (STT)

Tesla, Inc. (TSLA) The Bank of New York Mellon Corp. (BNY) Truist Financial Corp. (TFC)

U.S. Bancorp (USB) United Rentals (URI) Vail Resorts (MTN)

Wells Fargo (WFC) Zions Bancorporation (ZION)

Industry Research

China Technology European Consumer Staples European Transportation

North America Cable, Satellite & Telecom U.S. Consumer Finance U.S. Large-Cap Banks

Services

U.S. REITs

Equity Strategy

US Equity Strategy: Upgrading into uncertainty

Publications Summary

Consumer

Brown-Forman: No Longer in High Spirits; Downgrade to EW

Stock Rating Equal Weight After a fresh review of our coverage, we are downgrading Brown-Forman to Equal

Weight given we see the risk-reward proposition as appropriately captured at current Industry View Neutral

levels.

Price Target USD 27.00

Price (24 Jun 2026) USD 27.80 View full report on Barclays Live Back to Top

EPS FY1 (E) 1.68

EPS FY2 (E) 1.69

Market Cap (USD bn) 12.7564

Ticker BF/B / BFb

U.S. CHPC & Beverages

Lauren R. Lieberman

+1 212 526 3112

lauren.lieberman@barclays.com