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.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on STZ:
- Constellation Brands price target lowered to $215 from $238 at MKM Partners
- Constellation Brands price target lowered to $250 from $295 at Argus
- Constellation Brands price target lowered to $250 from $260 at Credit Suisse
- Constellation Brands price target lowered to $267 from $281 at UBS
- Cowen downgrades Constellation on growing downtrading concerns
