Wells Fargo analyst Chris Carey lowered the firm’s price target on Constellation Brands (STZ) to $170 from $196 and keeps an Overweight rating on the shares. Conversations the past several weeks have been “reset likely” at Constellation Brands as data has trailed expectations, the firm says. It happened, even if the size of the reduction was bigger than expected on in-market inventory reductions plus perhaps wanting some cushion in estimates, Wells adds.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on STZ:
- Constellation Brands Faces Macroeconomic and Structural Challenges Leading to Hold Rating
- BNP Paribas Exane downgrades Constellation to Underperform after guidance cut
- Constellation Brands downgraded to Underperform from Neutral at BNP Paribas Exane
- Constellation Brands Faces Downgrade Amid Declining Beer Sales and Operating Income Challenges
- “…Dampened Consumer Demand”: Constellation Brands Stock (NYSE:STZ) Plunges After Outlook Cut