Morgan Stanley Favors Beam over B-F

Dear Client:Despite Brown-Forman's strong fundamentals, Morgan Stanley has downgraded the company in a note to clients this morning. The downgrade stems from a prediction that B-F's organic revenue growth will slow about 2% over the next year due to tough comparisons and the deceleration of favorable impact from recent innovations. Morgan Stanley goes so far as to call the general consensus for future revenue forecasts 1-2% too high for the company. Morgan Stanley predicts B-F's spirits industry topline growth will