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STZ

Constellation Brands

$169.46

0.52 (0.31%)

08:10
10/17/16
10/17
08:10
10/17/16
08:10

Constellation Brands to sell Canadian wine business to OTPP for C$1.03B

Constellation has reached an agreement to sell its Canadian wine business to Ontario Teachers' Pension Plan, the largest single-profession pension plan in Canada. The transaction, which includes Canadian wine brands such as Jackson-Triggs and Inniskillin, wineries, vineyards, offices, facilities, and Wine Rack retail stores is subject to regulatory approval and is expected to close by the end of the calendar year. Constellation Brands will continue ownership of Black Velvet Whisky and the related production facility in Lethbridge, Alberta, Canada. The transaction is valued at approximately C$1.03B, which represents an EBITDA multiple in the 12 times range when factoring in a full year of projected fiscal 2017 Canadian wine business EBITDA. The company expects to receive cash proceeds, net of repayment of outstanding debt, of approximately C$750M, subject to closing adjustments, and expects to recognize an after-tax gain for fiscal 2017, which will be excluded from the company's comparable basis diluted EPS.

  • 09

    Nov

STZ Constellation Brands
$169.46

0.52 (0.31%)

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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TSLA

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JBLU

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BIIB

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UNXL

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JBLU

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C

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JBLU

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BBRY

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LLY

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