Credit Suisse has decided to maintain its Outperform rating of Constellation Brands STZ and lower its price target from $277.00 to $276.00.
Shares of Constellation Brands are trading down 3.24% over the last 24 hours, at $224.98 per share.
A move to $276.00 would account for a 22.68% increase from the current share price.
About Constellation Brands
Constellation Brands is the largest multi-category alcohol supplier in the U.S. The business is anchored by a portfolio of Mexican beer trademarks, including Corona and Modelo, for which it acquired exclusive and perpetual U.S. ownership from AB InBev. The latter had to divest these rights due to antitrust mandates as it consummated its 2013 acquisition of dominant Mexican brewer, Grupo Modelo. Constellation's wine/spirits business has recently transitioned, divesting several lower-margin assets, including myriad wine brands and its Ballast Point craft beer brand. The firm imports most products after manufacturing them abroad, going to market through independent wholesalers. It owns 36% of Canopy Growth, a leading provider of medicinal and recreational cannabis products.
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