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STZ

Constellation Brands

$188.62

-2.13 (-1.12%)

, CGC

Canopy Growth

$31.39

1.1 (3.63%)

08:10
12/10/18
12/10
08:10
12/10/18
08:10

Constellation still top large cap growth idea after Canopy meeting at Jefferies

Jefferies analyst Kevin Grundy says Constellation Brands (STZ) remains his top large cap growth idea following his meeting with cannabis Canopy Growth (CGC), which is 40% owned by Constellation. The analyst came away impressed by Canopy's leadership, encouraged by its ability to capitalize on the "massive" global cannabis opportunity, and reassured by its confidence to deliver the "scrutinized" C$1B in revenue in 2020. He views Constellation's risk/reward as favorable and keeps a Buy rating on the shares with a $289 price target.

STZ

Constellation Brands

$188.62

-2.13 (-1.12%)

CGC

Canopy Growth

$31.39

1.1 (3.63%)

STZ Constellation Brands
$188.62

-2.13 (-1.12%)

10/18/18
JEFF
10/18/18
NO CHANGE
Target $289
JEFF
Buy
Constellation CEO change does not alter bullish view, says Jefferies
Jefferies analyst Kevin Grundy says the CEO change at Constellation Brands does not impact his bullish thesis. He keeps a Buy rating on the shares with a $289 price target. While likely a bit earlier than the market anticipated, Bill Newlands appeared to be the clear successor to Rob Sands when he was named President earlier this year, Grundy tells investors in a research note. The analyst says Constellation remains his top large cap growth idea.
11/29/18
MACQ
11/29/18
DOWNGRADE
MACQ
Neutral
Constellation Brands downgraded to Neutral from Outperform at Macquarie
11/29/18
11/29/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. American Express (AXP) downgraded to Neutral from Buy at Buckingham with analyst Chris Brendler saying American Express is not expensive based on relative historical norms, but shares have outperformed other payment stocks year-to-date. 2. Intel (INTC) downgraded to Hold from Buy at DZ Bank. 3. Dick's Sporting (DKS) downgraded to Neutral from Overweight at JPMorgan with analyst Christopher Horvers saying he believes the risk/reward is "turning more balanced" following yesterday's Q3 results. 4. Volaris (VLRS) downgraded to Underperform from In-Line at Imperial Capital with analyst Michael Derchin saying the company is unlikely to be profitable in fiscal 2019 if the U.S. dollar/peso exchange rate remains at or above 20. 5. Constellation Brands (STZ) downgraded to Neutral from Outperform at Macquarie. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/07/18
ADAM
12/07/18
NO CHANGE
ADAM
Hold
Cronos investment should drive sector valuations higher, says Canaccord
Canaccord analyst Matt Bottomley said Altria Group's (MO) agreement to make a C$2.4B strategic investment in Cronos Group (CRON) for a 45% stake equates to "a lofty 36.2 times" multiple of his 2020 EV/EBITDA valuation for the cannabis company. When taken in the context of Constellation Brands' (STZ) C$5B investment in Canopy Growth (CGC) back in August, Bottomley believes an investment of this magnitude "provides overall legitimacy to the industry as a whole" and should be a positive catalyst for the sector and drive valuations higher. He maintains a Hold rating and C$9.00 price target on Cronos shares.
CGC Canopy Growth
$31.39

1.1 (3.63%)

10/17/18
SCOT
10/17/18
INITIATION
SCOT
Sector Perform
Canopy Growth initiated with a Sector Perform at Scotiabank
Scotiabank analyst Oliver Rowe initiated Canopy Growth with a Sector Perform rating and C$61 price target. While Canopy is the dominant Canadian player and global leader in the rapidly evolving cannabis space, giving it a first-mover advantage and potential to be the largest global producer of legal cannabis, he thinks the stock is fully valued. Given its relationship with Constellation Brands (STZ), Rowe believes Canopy is well positioned to enter the cannabis-based beverage market, but he also thinks Canopy ultimately "wants to build brands, not production." Canopy's product development and branding will yield significantly more value for investors than simply an agreement to provide the product, added Rowe.
11/06/18
COWN
11/06/18
NO CHANGE
COWN
Demand for adult use cannabis 'seemingly strong' in Canada, says Cowen
Citing her analysis of e-commerce platforms for adult use cannabis in Canada, Cowen analyst Vivien Azer remains encouraged to see "seemingly strong demand" as well as some instances of improved supply. In a research note pre-market open, the analyst notes she aggregated 533 product offerings with 1,149 SKUs from the e-commerce platforms for Alberta, British Columbia, Ontario, New Brunswick, and Newfoundland and Labrador. Overall, SKU stockout rates across the provinces were flat versus last week at 57%, although remains above the 46% rate during the prior week, Azer adds. Her view of the data is a modest positive for Canopy Growth (CGC), which has the second highest number of SKUs and out of stock rates declined from 65% to 54% while adding 16 SKUs this week. The read-through on Tilray (TLRY) is less clear, Azer contends, as the only three provinces where the company did not get supply agreements were all in her five province survey universe. The analyst reiterated an Outperform rating on Canopy Growth and Tilray.
11/07/18
ADAM
11/07/18
NO CHANGE
ADAM
Midterms broadly positive for U.S. cannabis industry, says Canaccord
Canaccord analyst Bobby Burleson says that as expected, yesterday's midterms delivered several wins for the U.S. cannabis industry, including the passage of three state ballot measures on legalization, key gubernatorial victories by pro-cannabis candidates, and the retaking of the House by Democrats. The analyst views these results as broadly positive for the U.S. cannabis industry. Publicly traded companies in the space include Aurora Cannabis (ACB), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Canopy Growth (CGC), Cronos Group (CRON), General Cannabis (CANN), India Globalization Capital (IGC) and Tilray (TLRY).

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LK

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2.37 (11.01%)

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TORC

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10:51
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VRSN

VeriSign

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Hot Stocks
Under Armour says 'always in compliance' with GAAP amid scrutiny »

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NVDA

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Options
Nvidia options volume 7x normal as shares whip post earnings »

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BTC

Bitcoin

$0.00

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$0.00

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10:30
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On The Fly
The Intersection: Crypto and Wall Street This Week »

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NVDA

Nvidia

$202.92

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OSTK

Overstock.com

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AMD

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SRAX

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$1.56

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PPL

PPL Corp.

$33.72

0.1 (0.30%)

10:30
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Options
Size call spread in PPL Corp reloads short calls »

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NFLX

Netflix

$292.26

2.58 (0.89%)

, HPQ

HP Inc.

$20.13

0.01 (0.05%)

10:29
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Recommendations
Netflix, HP Inc., Aramark analyst commentary  »

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NFLX

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$292.26

2.58 (0.89%)

HPQ

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$20.13

0.01 (0.05%)

ARMK

Aramark

$43.38

0.08 (0.18%)

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Conference/Events
Wolfe Research tech strategist to hold analyst/industry webcast »

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DTIL

Precision BioSciences

$11.35

-0.45 (-3.81%)

10:25
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Conference/Events
Precision BioSciences participates in a conference call with BTIG »

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VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

10:20
11/15/19
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Options
Put sale in VIX appears to exit two-week position for 64% gain »

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10:20
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General news
The September business inventory report undershot estimates »

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AMRN

Amarin

$22.68

1.19 (5.54%)

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$NSD

NASDAQ Market Internals

$0.00

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PAYS

Paysign

$10.74

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, WAB

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MITK

Mitek Systems

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, AGCO

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Downgrade
Fly Intel: Top five analyst downgrades »

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MITK

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GPOR

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NVDA

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$NYE

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QCOM

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, AMAT

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GRUB

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BCRX

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AM

Antero Midstream

$5.34

-0.035 (-0.65%)

10:15
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Options
Antero Midstream put volume heavy and directionally bearish »

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10:10
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General news
U.S. business inventories were flat in September, with sales slipping -0.2% »

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FBHS

Fortune Brands

$63.32

0.18 (0.29%)

10:09
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Downgrade
Fortune Brands rating change  »

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AMRN

Amarin

$22.66

1.17 (5.44%)

10:05
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10:05
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Options
Amarin call volume above normal and directionally bullish »

Bullish option flow…

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General news
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