Constellation Brands price target lowered to $170 from $196 at Wells Fargo

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.