Barclays lowered the firm’s price target on Constellation Brands (STZ) to $205 from $214 and keeps an Overweight rating on the shares. The stock has significantly re-rated and even in a more tempered demand environment, Barclays can still comfortably build to 4% beer volume growth over the medium-term for Constellation, the analyst tells investors in a research note. The firm thinks the bearish thesis of significant operating de-leverage is misplaced given the modular nature of the company’s capacity plans.
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