After CNBC reported that Constellation Brands (STZ) had proposed a takeover of Brown Forman (BF.B), RBC Capital analyst Nik Modi is "struggling to see the near- and medium-term valuation creation from such a transaction." The analyst says that Constellation " is already in the penalty box" from its takeover of Ballast Point, and the analyst says that investors remember "ROIC dilutive wine deals" that Constellation did years ago. Modi says that the companies could instead make "go-to-market deals" that would enable them to utilize each other's distribution networks and products vis-a-vis retaielrs and wholesalers. Modi keeps a Sector Perform rating on Brown-Forman.

Barnes Group is up 7.8%, or $2.59 to $35.98.

DA Davidson analyst Matt Summerville upgraded Barnes Group to Buy from Neutral with a price target of $45, up from $35.