Constellation Brands price target raised to $300 from $290 at BofA

BofA raised the firm’s price target on Constellation Brands to $300 from $290 and keeps a Buy rating on the shares. The firm lowered its Q4 beer depletions forecast from 8% to 6.5%, driven by weather impacts in January. However, it notes that since then consumption has rebounded and the firm expects a better exit rate heading into Q1. For FY25, the firm expects Constellation to guide earnings in-line with its long-term algorithm with beer segment and share repurchases offsetting weakness in Wine and Spirits, the analyst added.