Constellation Brands price target lowered to $305 from $315 at BMO Capital

BMO Capital lowered the firm’s price target on Constellation Brands to $305 from $315 but keeps an Outperform rating on the shares. The firm is updating its model following its investor meeting last week, noting that macro factors are likely to remain a near-term headwind, the analyst tells investors in a research note. BMO adds however that it remains positive on the stock longer term as Constellation Brands’ beer fundamentals remain intact with margins that should continue to improve, also noting that its cash returns to shareholders should accelerate.