UBS has raised its price target for Brown Forman to $39, maintaining a neutral rating, following the company's strong third-quarter results, which exceeded expectations due to favorable one-time effects. Despite a 10% surge in share price, challenges such as subdued growth in the US and uncertainties around tariffs persist, leading to a cautious outlook among investors. Brown Forman's shares are currently trading at attractive valuation levels, yet ongoing market uncertainties may prompt a wait-and-see approach from many.