JPMorgan raised the firm’s price target on Constellation Brands to $307 from $276 and keeps an Overweight rating on the shares ahead of the fiscal Q2 report on October 5. The analyst sees Constellation as well positioned to exceed consensus expectations for Q2 and lift its fiscal 2024 Beer division guidance given the “strong momentum” seen in the tracked channel trends leading to accelerating share gains of beer and “resilient” consumer demand. The firm also expects management to deliver a bullish message at its investor day in November.
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