Goldman Sachs Downgrades Constellation Brands (STZ) to Neutral

Goldman Sachs downgraded Constellation Brands (NYSE: STZ) from Buy to Neutral with a price target of $88.00 (from $84.00) saying they are stepping aside as the near term path gets less clear.

Analyst Judy Hong said, "We are downgrading shares of Constellation Brands to Neutral from Buy, as our EPS estimate gap versus consensus has narrowed, valuation is full, and our price target now shows only 6% upside in 12-months. We are lowering our EPS by 2% in FY15/16 as we make beer packaging savings more back-end loaded."

The firm adjusted FY 2014 EPS from $3.19 to $3.21, FY 2015 from $4.17 to $4.07 and FY 2016 from $4.78 to $4.67.

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 $82.50 yesterday.

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