Goldman Sachs Raises PT To $76 On BF-B

Goldman Sachs, in light of reported 4QFY11E results from the company, is raising its price target on Brown-Forman Corp. (NYSE:

) from $73 to $76. Says Goldman Sachs, in the report, “BFB reported adjusted 4QFY11E EPS of $0.80, which excludes $0.26 one- time gains from the sale of the Hopland-based wine business and certain tax benefits. EPS was ahead of our estimate of $0.65 and consensus of $0.63 due mainly to a much larger forex benefit than expected. Newly announced FY2012E EPS guidance of $3.45-$3.85 implies a $0.04-$0.44 increase from FY2011, bracketing consensus of $3.62. We are lowering FY12E/FY13E/FY14E EPS to $3.62/$4.00/$4.35 from $3.76/$4.03/$4.34 to better reflect the dilution from the Hopland sale in FY2011 but better volumes in out years.” Goldman Sachs maintains its Neutral rating on the stock. BF-B closed yesterday at $71.75.