Credit Suisse Starts Constellation Brands (STZ) at Neutral
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Credit Suisse initiates coverage on Constellation Brands (NYSE: STZ) with a Neutral rating and a price target of $178.00.
Analyst Laurent Grandet commented, "We are initiating coverage of Constellation Brands with a Neutral rating and $178 target price. We think the company is in a good position to continue riding the consumer trend favoring craft and import beers, especially Mexican imports, but we fear the days of easy growth are nearing an inflection. In our view, Constellation is a well-run company with great fundamentals and outsized growth potential, but given our earnings expectations, we struggle to make the risk-reward work. Our EPS estimates are 2-3% below the consensus through FY18 because we think there is a relatively higher degree of risk to the earnings power and that pricing will be limited to maintain top-line volume growth."
Shares of Constellation Brands closed at $166.47 yesterday.
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