Jefferies analyst Kaumil Gajrawala lowered the firm’s price target on Constellation Brands to $311 from $314 and keeps a Buy rating on the shares following the firm’s 11th bi-annual distributor survey. Distributors remain bullish on Constellation, expecting depletions to grow 7% or better in calendar year 2024, says the analyst, who adds that callouts for acceleration from Constellation’s southern/midwestern distributors signal its long-term strategy is working.
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