UPDATE: Barclays Raises PT to $71 on Brown-Forman Following Special Dividend

Barclays reiterated its Underweight rating on Brown-Forman BFB but raised its price target from $67 to $71. Barclays said, "In light of our EPS estimate increase, we are raising our price target to $71 (prior $67) and our trading range to $64-$74 (previously $60-$70). Our new price target is based on a 25.4x P/E multiple on our new FY13 EPS estimate of $2.80 (the prior target of $67 was based on a 24.4x P/E multiple on our prior FY13 EPS of $2.75). We look for the stock to enjoy a pop in light of the one-time dividend, and believe it could well rise into the mid $70 range just prior to the $4 payout. However, following the dividend distribution (ex-dividend date is December 10th), we expect the shares to settle back toward the midpoint of our trading range." Brown-Forman closed at $69.29 on Tuesday.