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Fly News Breaks for October 4, 2019
STZ
Oct 4, 2019 | 09:25 EDT
MKM Partners analyst Bill Kirk lowered his price target on Constellation Brands to $256 after its Q2 results, saying that while beer net sales grew 7.4%, the worse than expected Wine/Spirits revenue and EBIT weighed on the revenue and prevented a stronger earnings beat. The analyst is keeping his Buy rating on the stock and expects the company's Beer business to offset any Wine issues, but also believes that the management pulled the spending around the departing brands "too quickly".
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