Constellation Brands (STZ) PT Raised to $205 at Cowen

Cowen analyst Vivien Azer raised the price target on Constellation Brands (NYSE: STZ) to $205.00 (from $106.00) while maintaining an Outperform rating.

The analyst commented, "Given recent commentary from STZ management providing incremental clarity around fiscal 1Q21 and the continued strength of Nielsen weekly and monthly data, we are raising our estimates and price targets for SAM and STZ. For SAM, we raise our PT to $650, which implies ~46x our raised FY21E EPS of $14.18. As it relates to STZ, our $205 PT reflects ~21x our FY22E EPS of $9.81 (excluding WEEDimpact). As the number 2 player in hard seltzer SAM was already positioned to benefit given the acceleration in category growth amid COVID-19, though hard tea sales have also surprised to the upside. As the leader in imported beer sales, we are encouraged by the recent acceleration we've seen in weekly Nielsen data as it relates to STZ while also leveraging increased clarity on recent trends as provided by management."

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