Brown-Forman (BF.A, BF.B) delivered another "rough" quarter, adding to concerns about whether the company's challenges are structural or cyclical, RBC Capital Markets said in a note Friday.

The company reported fiscal Q4 earnings of $0.31 per share, down from $0.56 a year earlier. Analysts polled by FactSet expected $0.33. Net sales for the quarter ended April 30 were $894 million, down from $964 million a year earlier. Analysts surveyed by FactSet expected $965.8 million.

Analysts said that while management maintains that most topline pressures are cyclical and driven by macroeconomic conditions, such as consumers cutting back on spirits, it also acknowledged that the long-term growth model of mid-single-digit sales increases is unsustainable, given US sales were down 4% to 5%.

The analysts said Brown-Forman's recent performance adds to ongoing investor concerns and continues a trend of downward revisions to guidance. Investors are likely to remain frustrated and skeptical, as the company's recovery timeline keeps getting delayed. The company will need to consistently meet or exceed expectations to rebuild investor confidence. Until then, it is likely to be viewed as a "show me" story, according to the note.

RBC Capital adjusted its price target to $30 from $44 while keeping its sector perform rating on the stock.