Shares of Brown-Forman (NYSE:BF.B) dropped 3.7% after being downgraded to “Underperform” from “Neutral” by BNP Paribas Exane. The price target was also lowered to $24 from $31, signaling a more pessimistic outlook. The stock closed at $26.42. Despite not being very volatile, the market reacted to the news, with only 9 moves greater than 5% in the past year. Previously, the stock rose 2.7% on news of the Woodford Reserve brand re-releasing its Double Double Oaked Bourbon. Brown-Forman is trading 30.5% below its 52-week high.

Investors are wondering if now is the time to buy Brown-Forman.

Read more at StockStory.org – Seeking Alpha: Why Brown-Forman (BF.B) Stock Is Trading Lower Today