Constellation Brands upgraded to Buy from Hold at Jefferies

Jefferies upgraded Constellation Brands (STZ) to Buy from Hold with a price target of $205, up from $194. Hispanics are drinking less beer, but this won’t last forever, and Constellation’s compares are easing at an accelerating pace, the analyst tells investors in a research note. The firm says the company’s “solid” balance sheet provide it time while the stock’s valuation is “too cheap.”