UPDATE: Morgan Stanley Upgrades Brown-Forman on Near-Term Topline Risk Passing

In a report published on Friday, Morgan Stanley analyst Dara Mohsenian upgraded Brown-Forman BF from Underweight to Equal-weight and removed the price target on the company of $61.75.

In the report, Morgan Stanley stated, "There are two reasons for our upgrade: 1) revenue risk has subsided, and 2) recent stock price underperformance makes valuation less stretched."

Brown-Forman closed on Thursday at $66.50.