Constellation Brands price target lowered to $196 from $201 at Jefferies

Jefferies lowered the firm’s price target on Constellation Brands (STZ) to $196 from $201 and keeps a Hold rating on the shares following a “mixed” quarter and a “much-needed reset.” Beer will grow slower, but wine brand divestitures, lower capex, and higher buybacks will partially offset the reset, says the analyst, who adds that “the conclusion is F27 will be the next time they earn near F25’s $13.78 EPS.”