Brown-Forman Sees Bumpy Quarters But Consistent Volume

Brown-Forman Corporation (NYSE:BF.B) saw global volume trends remain solid, but the price/mix remains the biggest challenge in a weak consumer environment, Deutsche Bank reports, which expects earnings to ramp up through FY2011.

1Q results were better than expected for EPS estimates ($0.76 vs. $0.87 est.) which solidifies Brown-Forman's reputation for consistency but volatile quarters. FY2011 EPS estimates have been lowered to $3.30 (from $3.38), reflecting the 1Q miss.

Deutsche Bank maintains its Buy rating and $64 price target.

Brown-Forman Corporation closed yesterday at $58.52.