UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Constellation Brands on Improving Trends

In a report published Wednesday, J.P. Morgan analyst John Faucher reiterated a Neutral rating on

, and raised the price target from $50.00 to $53.00. In the report, J.P. Morgan noted, “In the wine business it appears trends are improving and the company has made the right moves, both structurally (aligning its distribution) and internally (shifting its focus to organic growth and margin accretion). The company should begin to see strong earnings growth as it acquires the remaining 50% interest in Crown. Now that the deal has closed, we believe the stock becomes a deleveraging story.” Constellation Brands closed on Tuesday at $53.15.