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Fly News Breaks for May 24, 2017
BF.A, BF.B, STZ
May 24, 2017 | 08:20 EDT
Cowen analyst Vivien Azer noted the media report that Constellation Brands (STZ) has made an offer to acquire Brown-Forman (BF.B), which has reportedly been rejected. She noted the recent strength in Brown shares, but does not believe a deal will be consummated given the Brown family's bias toward being long-term owner/operators and their long-term success in running the business. Azer has an Outperform rating and $205 price target on Constellation Brands shares and a Market Perform rating on Brown-Forman shares.
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