Goldman Lifts Target on Constellation Brands (STZ) After Crown Deal

Goldman Sachs boosted its price target on Constellation Brands (NYSE: STZ) from $27 to $33 following plans to buy the remaining 50% of the Crown beer import business for $1.85 billion.

The firm called the deal "transformational" and "a significant strategic positive." Goldman estimates that the deal could potentially add around $0.50 to STZ’s FY14 EPS.

The firm trimmed FY13 EPS from $2.04 to $2.03, FY14 to $2.31 to $2.29 and FY15 was lifted from $2.83 to $2.85. Notably, the updated estimates due not reflect the Crown transaction.

For an analyst ratings summary and ratings history on Constellation Brands click here. For more ratings news on Constellation Brands click here.

Shares of Constellation Brands closed at $27.06 yesterday.

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