BMO Capital lowered the firm’s price target on Constellation Brands (STZ) to $260 from $305 and keeps an Outperform rating on the shares. The company’s Q3 missed consensus as shortfalls in Beer and Wine & Spirits more than offset favorable tax rate and interest, while the management lowered its FY25 outlook, reflecting lack of clarity on timing of return to normal consumer spending, the analyst tells investors in a research note. BMO adds however that the 17% pullback is an overreaction unless pricing in severe policy-related headwinds as we do not see demand softness as structural.
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Read More on STZ:
- Constellation Brands price target lowered to $245 from $300 at Piper Sandler
- Constellation Brands price target lowered to $300 from $315 at Bernstein
- Constellation Brands price target lowered to $220 from $280 at Morgan Stanley
- Constellation Brands downgraded to Hold from Buy at Jefferies
- Constellation Brands downgraded to Neutral from Overweight at JPMorgan