Constellation Brands (STZ) PT Lowered to $307 at JPMorgan

JPMorgan analyst Andrea Teixeira lowered the price target on Constellation Brands (NYSE: STZ) to $307.00 (from $320.00) while maintaining a Overweight rating.

The analyst comments "STZ has been one of the fastest growing large-cap beverage companies in the US thanks to its on-trend Mexican beer portfolio and premiumizing wine and spirits segment. Given favorable secular trends in US alcoholic beverage consumption, including premiumization and faster growth in legal-drinking age Hispanic consumers, and further distribution runway for powerhouse Modelo Especial and emerging brands, we view the company’s long-term revenue growth targets for its core beer segment as achievable. Wine and spirits organic growth and margin trajectory should improve over time as the company further premiumizes the portfolio and optimizes its cost structure. Moreover, the company has taken steps to improve governance and capital allocation decisions, which could result in a more supportive shareholder base over time."

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