UPDATE: Barclays Reiterates Brown-Forman's Rating, Raises PT

Barclays published a report Friday maintaining the Underweight rating for Brown-Forman

while raising its price target from $62 to $64. In the report Barclays stated, "We are updating our BF.B earnings estimates to reflect the company's recent 3-for-2 stock split. Accordingly, our EPS forecasts have been revised to $2.60 in FY13 (previously $3.90) and $2.83 in FY14 (from $4.25). In light of the continued strength of the US bourbon category, planned pricing actions and attractive international growth prospects, we are adjusting our price target to $64 based on a 24.6x P/E multiple on our new FY13 EPS estimate of $2.60 (the previous target of $86 reflected a 22.1x P/E multiple on our previous FY13 earnings of $3.90). Concurrently, we are revising our trading range to $56-$66 from $84-$91, previously. Brown-Forman traded around $60 Friday.