Brown-Forman (BF.A, BF.B) saw early success with Jack Daniel's Blackberry exceeding expectations, but the stock will likely remain rangebound as underlying softness in US and developed markets persist, RBC Capital Markets said in a note Friday.

The flavor helped narrow the gap with total distilled spirits trends in the US, with Brown-Forman's depletions up 3% compared with a 3% decline in takeaway, according to the note.

Despite this, the investment firm said US and developed markets remain weak, and overall performance was buoyed by frontloaded shipments, not underlying demand.

Brown-Forman made the right call to reaffirm its fiscal 2026 outlook, still projecting low-single-digit declines in organic sales and operating income, given the challenging environment, analysts said.

RBC maintained a sector perform rating on the stock, with a $30 price target.