10:05 AM EST, 03/06/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target by $3 to $55, based on a FY 25 (Apr.) P/E of 26.2x, a justified discount to its 10-year average forward P/E of 32.9x. We maintain our EPS estimates of $1.90 for FY 24 and $2.10 for FY 25. BF.B posted Jan-Q EPS of $0.60 vs. $0.21 (+189%), ahead of the $0.56 consensus. It was a low-quality beat driven by $84M of other income and a lower effective tax rate (16.5% vs. 19.5% in the year-ago quarter). Net sales and gross margins both came in weaker than expected. BF.B's net sales fell 1% to $1.07B ($50M below consensus) and gross margin expanded 170 bps to 59.4% (10 bps below consensus). BF.B lowered its prior FY 24 guidance and now expects organic net sales and operating income growth of flat and 0%-2%, respectively, down from 3%-5% and 4%-6% previously. Management said the operating environment continues to be challenging following two years of double-digit organic net sales growth. We maintain a Hold rating on lack of catalysts and concerns that costs are rising faster than sales.