Deutsche Bank analysts released their outlook on Brown-Forman Corporation (NYSE:BF-B) ahead of the upcoming Q4 earnings, expected to be reported on June 8.

Overall, the analysts are biased higher on revenues versus the consensus estimates heading into Q4 results, albeit lower on margins/EPS—noting cost inflation pressure, lingering translational/transactional FX headwinds, and elective investments in A&P/other capabilities. While the analysts see the company benefitting from still-solid/strong consumer demand across most markets, the company’s ongoing supply-side challenges with glass sourcing may have partially held back growth in the quarter. Moreover, the analysts noted that stronger Q4 depletions may delay the company’s efforts to replenish distributor/retailer inventory.