Pivotal Research maintained a Buy rating on Constellation Brands (NYSE: STZ) and raised its price target to $200.00 (from $185.00). The change follows strong Q4 results.

Analyst Timothy S. Ramey said Constellation Brands continues to perform at "extraordinary levels."

"This analysts’ first report on what was then, Canandaigua Brands, was in June 1999 with the company at an $850 million market capitalization (split adjusted $7.38 per share). How stunning and exhilarating to see the market cap today at 36x that value and the shares up 21x. In value creation terms, STZ has been the best performing CPG company for the past 17 years. It is even more interesting to think that its growth prospects and opportunities to invest cash at high rates of return have never been greater. STZ is truly legendary. CEO Rob Sands and Richard Sands before him are destined for the management hall of fame, IMHO," said Ramey.

"STZ reported 4Q16 EPS (GAAP and Adjusted) of $1.19, up from $1.03 LY, a 15.6% increase. Consensus was $1.14 and our estimate was $1.11 so the beat was very sweet. Beer sales rose 21.9% - 18% on an organic basis. Wine sales rose 8% on the strength of the Meiomi acquisition and 1% on an organic basis. EBIT margins rose 40 bp over LY but a bit weaker than the 3Q, which is the normal seasonal pattern. The 4Q16 growth across the face of the business was remarkable. It is clear that both sales growth and margins are accelerating," added the analyst.

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Shares of Constellation Brands closed at $151.36 yesterday.