Truist analyst William Chappell lowered the firm’s price target on Constellation Brands to $215 from $245 and keeps a Hold rating on the shares after its Q3 earnings miss and lowered guidance. Cost headwinds are also worse than expected and the company has lowered its expectations for beer margins in FY24, the analyst tells investors in a research note. Chappell adds that Constellation Brands investors are skeptical for the time being and will be closely watching the scanner data over the next few months.
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Published first on TheFly
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