Constellation Brands (NYSE:STZ) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report issued on Thursday, AnalystRatings.Net reports. The firm currently has a $66.00 price target on the stock. Zacks‘ price target would indicate a potential upside of 8.29% from the stock’s previous close.
Zacks‘ analyst wrote, “We have upgraded our recommendation on Constellation Brands to Outperform based on the company’s better-than-expected second-quarter fiscal 2014 results. The major driving factor was consolidation of the Crown Imports business. Further, Constellation Brands boasts a formidable portfolio of well-known brands. The company’s focus on brand building and its numerous growth initiatives have helped it achieve steady depletion trends and an increasing market share in the U.S. wine and spirits category. In order to strengthen its foothold in the U.S. wine industry and to increase its portfolio of brands, the company has been resorting to strategic acquisitions. The buyout of Grupo Modelo has proved to be accretive to the company’s earnings. Considering the positive impact from this acquisition, management raised its earnings guidance for fiscal 2014.”
Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of Constellation Brands from $53.00 to $66.00 in a research note to investors on Friday, October 4th. They now have a “neutral” rating on the stock. Separately, analysts at DA Davidson raised their price target on shares of Constellation Brands from $70.00 to $78.00 in a research note to investors on Friday, October 4th. They now have a “buy” rating on the stock. Finally, analysts at Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Constellation Brands in a research note to investors on Friday, October 4th. They now have a $65.00 price target on the stock, down previously from $70.00. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Constellation Brands has an average rating of “Buy” and a consensus price target of $59.55.
Constellation Brands (NYSE:STZ) opened at 60.95 on Thursday. Constellation Brands has a 52-week low of $28.37 and a 52-week high of $62.15. The stock’s 50-day moving average is $57.70 and its 200-day moving average is $52.70. The company has a market cap of $11.487 billion and a P/E ratio of 6.50.
Constellation Brands (NYSE:STZ) last announced its earnings results on Thursday, October 3rd. The company reported $0.96 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.88 by $0.08. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The company’s quarterly revenue was up 108.9% on a year-over-year basis. Analysts expect that Constellation Brands will post $2.98 EPS for the current fiscal year.
Constellation Brands, Inc, is a wine company. The Company is a marketer of imported beer in the United States.
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