Constellation Brands initiated with Overweight on beer gains at Piper

Piper Sandler analyst Michael Lavery last night initiated coverage of Constellation Brands with an Overweight rating and $300 price target. The analyst We expects long-term, sustainable U.S. share gains in beer, helped by demographic and distribution tailwinds. Constellation’s core Modelo and Corona brands can drive long-term sustainable sales growth and margin expansion looks likely while its targets look achievable, the analyst tells investors in a research note.