Deutsche Bank Raises its Price Target on Constellation Brands (STZ) to $19
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Deutsche Bank raises its price target on Constellation Brands (NYSE: STZ) from $15 to $19.
Deutsche analyst says, "STZ management laid out a comprehensive, profit focused and clearly attainable business strategy at today's investor meeting. It's wine leadership should at last leverage scale and its balance sheet has clearly taken to dieting. But before seeing all the fruits of what we labeled an "Extreme makeover" nearly two years ago, the economy and down-trading may hurt Crown in beer, NA wine must get a few sales/distribution kinks out, and UK/Australia wine battles oversupply and margin pressure. Progress noted in our $4 boost to TP...No major changes to guidance or the long-term outlook, but analyst day evidences a clearer strategic message, emphasizing (1) portfolio simplification and premiumization, (2) organic rather than M&A-driven growth, (3) cost reduction and focus on FCF in all areas of the business. We are encouraged by increasing financial discipline, FCF traction and deleveraging. Longer-term we believe the move to overhaul US Wine distribution is the right one, although it has potential for near-term disruption, and Crown (28% of pre-tax profit) remains sluggish."
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Constellation Brands, Inc. operates in the beverage alcohol industry. It engages in the production and marketing of beverage alcohol brands in wine, spirits, and imported beer categories.
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