Cowen analyst Vivien Azer downgraded Constellation Brands to Market Perform from Outperform with a price target of $200, down from $275. The analyst has "growing concerns" over downtrading, in both the above-premium beer segment and wine. Constellation’s "industry leading" beer margins will also face continued headwinds, Azer tells investors in a research note. When coupled with incremental interest expense in a rising rate environment, the analyst is less constructive on the shares in the near-term.
Published first on TheFly
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