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STZ

Constellation Brands

$169.35

3.5 (2.11%)

10:54
10/05/16
10/05
10:54
10/05/16
10:54

Constellation sees Q3 wine & spirits net sales growth flattish to down slightly

Says acquisition of High West Distillery to bolster position in spirits category. Targeting EBIT growth for beer business in high teens range, driving operating margin of 35%-36% in FY17 vs. previous margin expectation of about 35%. Says Meiomi "on track" to achieve 1M case mark this year. Says California grape harvest over 60% complete, expected to be completed in November; says crop up this year vs. last. Expects grape pricing to increase "slightly" vs. last year. Expects wine and spirits net sales growth to be flattish to down slightly in Q3. Sees FY17 effective tax rate about 29%. Says CapEx tracking below original plan, cuts FY17 view to $1.25B-$1.122B. Sees FY free cash flow $375M-$475M. Comments taken from the Q2 earnings conference call. Constellation Brands is up 1.75% to $168.75 in morning trading.

  • 05

    Oct

  • 09

    Nov

STZ Constellation Brands
$169.35

3.5 (2.11%)

09/15/16
FBCO
09/15/16
INITIATION
FBCO
Neutral
Constellation Brands initiated with a Neutral at Credit Suisse
09/15/16
FBCO
09/15/16
INITIATION
Target $178
FBCO
Neutral
Constellation Brands initiated with a Neutral at Credit Suisse
Credit Suisse analyst Laurent Grandet initiated coverage on Constellation Brands with a Neutral and a $178 price target saying high expectations are built into shares.
09/16/16
09/16/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. GoPro (GPRO) initiated with a Buy at BofA/Merrill. 2. JetBlue (JBLU) initiated with an Outperform at Imperial Capital. 3. PepsiCo (PEP), Dr Pepper Snapple (DPS), and Monster Beverage (MNST) were initiated with an Outperform at Credit Suisse, while the firm initiated Boston Beer (SAM) with an Underperform. Credit Suisse also initiated Coca-Cola (KO) and Constellation Brands (STZ) with a Neutral. 4. lululemon (LULU) initiated with a Positive at Susquehanna. 5. Target (TGT) coverage assumed with a Neutral at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/28/16
RBCM
09/28/16
NO CHANGE
RBCM
Constellation Brands removed from Focus List at RBC Capital
RBC Capital analyst Nik Modi, noting that Constellation Brands' stock is up 16% this year, thinks that the stock could pause in the near-term "around the company's results." He notes that analysts are already expecting the company to report beat and raise results. Modi keeps a $181 price target and Outperform rating on the shares, but he removed the stock from the firm's Focus List.

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