Goldman Sachs Upgrades Constellation Brands (STZ) to Buy

Goldman Sachs upgraded Constellation Brands (NYSE: STZ) from Neutral to Buy with a price target of $29 (up from $22), suggesting 21% upside.

The firm cited improving wine fundamentals, compelling capital allocation potential with an expected $300mm+ of share buybacks per year in FY13 and beyond, and valuation with a sum-of-the-parts valuation of $29.

Goldman revised estimates and now stand 5% and 12% above consensus for FY13 and FY14 EPS.

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 $23.95 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Intchains Group Ltd (ICG) PT Lowered to $2 at Benchmark Following 1H Results
• Deere (DE) PT Lowered to $728 at UBS as Agricultural Machinery Cycle Gets Closer