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STZ

Constellation Brands

$178.20

1.52 (0.86%)

, CGC

Canopy Growth

$43.31

0.41 (0.96%)

08:47
04/04/19
04/04
08:47
04/04/19
08:47

Jefferies views Constellation sale of wine brands favorably

Earnings dilution from a sale of wine brands, along with Canopy Growth (CGC) investment dilution in fiscal 2020 has been an overhang for Constellation Brands (STZ) in recent months, Jefferies analyst Kevin Grundy tells investors in a research note. The analyst says that despite negative earnings implications, he views Constellation's sale of value wine brands to E. & J. Gallo for $1.7B favorably as the "consideration appears reasonable for a declining wine business." Further, and importantly, the sale shifts focus to the company's higher "growth/margin/return" portfolio of assets, namely beer, contends Grundy. Constellation remains the analyst's top pick with a Buy rating and $255 price target.

STZ

Constellation Brands

$178.20

1.52 (0.86%)

CGC

Canopy Growth

$43.31

0.41 (0.96%)

  • 04

    Apr

STZ Constellation Brands
$178.20

1.52 (0.86%)

02/25/19
MSCO
02/25/19
NO CHANGE
MSCO
Morgan Stanley says Coca-Cola, Church & Dwight recent underperformance overdone
Morgan Stanley analysts Dara Mohsenian and Pamela Kaufman said that while they keep Equal Weight ratings on Coca-Cola (KO) and Church & Dwight (CHD) post the companies' Q4 reports and CAGNY presentations, the analysts view the recent underperformance of both stocks as overdone. In the case of Coke, they said that underlying forex-neutral results remain "solid" and the stock's multiple has lost much of its prior premium versus peers. In the case of C&D, they said the company's CAGNY presentation highlighted "solid" 2019 visibility and gross margin upside potential. While they also understand disappointment with the CAGNY presentation of Constellation Brands (STZ), they now view new guidance as conservative and keep an Overweight rating on Constellation shares. Church & Dwight's price target was raised to $65 from $60 based on improved gross margin visibility with management's comments at CAGNY and separately the analysts lowered their price target on Kraft Heinz (KHC) shares to $35 from $37 given its greater risk profile. While they are still Underweight on Kraft Heinz, the analyst said many of their prior concerns have now played out.
03/06/19
FBCO
03/06/19
INITIATION
Target $230
FBCO
Outperform
Constellation Brands initiated with an Outperform at Credit Suisse
Credit Suisse initiated Constellation Brands with an Outperform and $230 price target.
03/07/19
FBCO
03/07/19
INITIATION
FBCO
Credit Suisse starts Household Products & Beverages with Constellation top pick
Credit Suisse analyst Kaumil Gajrawala rolled out coverage last night on eight names in the Household Products & Beverages space. The analyst's ratings consist of three Outperforms, two Underperforms, and three Neutrals. His top pick is Constellation Brands (STZ), which he started with an Outperform rating and $230 price target. The company offers "predictable" high-single digit revenue growth with a valuation that is "well below slower growth peers," Gajrawala tells investors in a research note. His other Outperform ratings are on Monster Beverage (MNST) and Clorox (CLX). The analyst has a $78 price target on Monster, noting it is the fastest growing company in his coverage "with runway for continued growth." He has a $172 price target on Clorox saying the company's "unique" portfolio position justifies a premium valuation. Gajrawala's Neutral rated names are Church & Dwight (CHD), Procter & Gamble (PG) and Coca-Cola (KO). His two Underperforms are PepsiCo (PEP) and Colgate-Palmolive (CL). PepsiCo has a $100 price target as the analyst sees limited upside amid the company's "stepped-up" investment years. Colgate-Palmolive, Gajrawala's less favorite name, has a $55 price target. The company's out-year margins are at risk as it reinvests to address several years of slowing growth and sales declines, Gajrawala contends.
03/07/19
03/07/19
INITIATION

Fly Intel: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Five Below (FIVE) initiated with an Outperform at Oppenheimer. 2. Teva (TEVA) reinstated with a Buy at UBS. 3. Chiasma (CHMA) initiated with an Overweight at Cantor Fitzgerald. 4. Monster Beverage (MNST) and Constellation Brands (STZ) were initiated with an Outperform at Credit Suisse, while Procter & Gamble (PG), Coca-Cola (KO), and Church & Dwight (CHD) were initiated with a Neutral, and PepsiCo (PEP), Colgate-Palmolive (CL), and Clorox (CLX) initiated with an Underperform 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.
CGC Canopy Growth
$43.31

0.41 (0.96%)

03/05/19
JEFF
03/05/19
NO CHANGE
JEFF
Hedge funds building short thesis on Canopy Growth, says Jefferies
In a research note summarizing early feedback from investors on his cannabis initiations last week, Jefferies analyst Owen Bennett says hedge funds appear to be building a short thesis on Canopy Growth (CGC). The thesis focuses on harvesting concerns, which in Q2 came in at 15,217kg and then 7,556kg in Q3, Bennett tells investors in a research note. He points out that Canopy has attributed the reduction to rotation timing between harvests. The "short view is it could be due to crop failure due to scaling up too quickly," the analyst contends. With this in mind, he believes Canopy Growth's Q4 results will be very closely watched. Bennett has a Hold rating on Canopy Growth.
03/08/19
JEFF
03/08/19
INITIATION
Target $61
JEFF
Underperform
Tilray falls after Jefferies starts with Underperform rating, $61 target
Shares of Tilray (TLRY) are moving lower after Jefferies analyst Owen Bennett initiated coverage of the shares with an Underperform rating and $61 price target. Underperform is Jefferies' equivalent of a sell rating. Shares of Tilray are down 4%, or $2.97, to $66.75 in premarket trading. Bennett's 10-year discounted cash flow-driven valuation suggests the stock is "too expensive for its outlook." As a company wanting to be a global leader, the names that Tilray needs to be compared to are Canopy Growth (CGC) and Aurora Cannabis (ACB), Bennett tells investors in a research note. However, Tilray's Canada medical share is not in the top four and recent consumer feedback is "not inspiring," adds the analyst. Further, he believes the company's approach to recreational "does not appear as well thought through" and that its "optionality" in the U.S. is "less impressive." As such, Bennett struggles to justify Tilray's current valuation.
03/14/19
COWN
03/14/19
NO CHANGE
COWN
Narrow U.S. cannabis bills have better prospects than broad ones, says Cowen
Cowen analyst Jaret Seiberg said it is hard for him to see a scenario in the 116th Congress in which Senate Majority Leader Mitch McConnell holds a vote on legislation to fully legalize cannabis, as too many senators see no political upside for McConnell to schedule such a vote. Given this view, Seiberg believes that prospects are better for narrower bills that could get attached to spending packages and other measures than for broader bills that would legalize recreational use. Of the narrower bills introduced in the U.S. so far, Seiberg believes the SAFE Act on cannabis banking has the best shot before the 2020 election. Publicly traded companies in the cannabis space include Aphria (APHA), Aurora Cannabis (ACB), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Canopy Growth (CGC), Cronos Group (CRON), General Cannabis (CANN), India Globalization Capital (IGC), MediPharm Labs (MLCPF) and Tilray (TLRY).
04/02/19
GHSC
04/02/19
NO CHANGE
GHSC
Neutral
Canopy estimates lowered at Seaport Global following peer reports
Seaport Global analyst Brett Hundley lowered his near-term revenue and EBITDA estimates for Canopy Growth (CGC) after recent earnings reports from HEXO Corp. (HEXO) and Cronos (CRON) highlighted broader Canadian industry inventory build and "marketplace inefficiency." He thinks it is prudent to be somewhat conservative related to store rollouts this spring along with the development of the nationwide edibles/beverages market later this year. Hundley keeps a Neutral rating on Canopy shares.

TODAY'S FREE FLY STORIES

SCHW

Charles Schwab

$45.57

-0.53 (-1.15%)

17:04
04/19/19
04/19
17:04
04/19/19
17:04
Conference/Events
Charles Schwab to hold a webcast »

Management holds a 2019…

03/08/13
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  • 26

    Apr

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12:45
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General news
Breaking General news story  »

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MMNFF

MedMen

$0.00

(0.00%)

11:13
04/19/19
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11:13
Hot Stocks
MedMen announces resignations of COO and General Counsel »

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TKC

Turkcell

$5.49

-0.175 (-3.09%)

11:08
04/19/19
04/19
11:08
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11:08
Hot Stocks
Turkcell sees conclusion of $4.2B lawsuit against MTN this year »

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FCCY

1st Constitution Bancorp

$18.07

-0.14 (-0.77%)

11:05
04/19/19
04/19
11:05
04/19/19
11:05
Earnings
1st Constitution Bancorp reports Q1 EPS 39c, two estimates 36c »

Robert Mangano, President…

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QUMU

Qumu

$2.83

-0.035 (-1.22%)

11:03
04/19/19
04/19
11:03
04/19/19
11:03
Hot Stocks
Qumu announces death of director Thomas Madison »

Qumu Corporation…

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  • 01

    May

  • 09

    May

FAT

Fat Brands

$5.15

0.065 (1.28%)

10:54
04/19/19
04/19
10:54
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10:54
Hot Stocks
Fat Brands announces development of Fatburger concept in Albuquerque »

FAT Brands announced the…

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HRTG

Heritage Insurance

$14.32

0.25 (1.78%)

10:52
04/19/19
04/19
10:52
04/19/19
10:52
Hot Stocks
Heritage Insurance announces preliminary Q1 catastrophe losses of $15.4M »

Heritage Insurance…

03/08/13
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  • 01

    May

COTY

Coty

$11.27

0.02 (0.18%)

10:48
04/19/19
04/19
10:48
04/19/19
10:48
Hot Stocks
Coty notes extension of tender offer by affiliate of JAB Holding Company »

Coty notes the extension…

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NTES

NetEase

$265.88

-2.34 (-0.87%)

10:45
04/19/19
04/19
10:45
04/19/19
10:45
Hot Stocks
NetEase announces music license agreement with Nippon Columbia »

NetEase Cloud Music…

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09:10
04/19/19
04/19
09:10
04/19/19
09:10
General news
Today's U.S. housing report revealed March declines »

Today's U.S. housing…

08:45
04/19/19
04/19
08:45
04/19/19
08:45
General news
U.S. housing starts fell 0.3% to 1.139 M in March »

U.S. housing starts fell…

08:15
04/19/19
04/19
08:15
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08:15
General news
Housing Starts to be reported at 08:30 »

March Housing Starts will…

08:15
04/19/19
04/19
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General news
Housing Starts Permits to be reported at 08:30 »

March Housing Starts…

08:05
04/19/19
04/19
08:05
04/19/19
08:05
General news
U.S. housing starts preview: »

U.S. housing starts…

NDEKY

Nitto Denko

$0.00

(0.00%)

06:53
04/19/19
04/19
06:53
04/19/19
06:53
Downgrade
Nitto Denko rating change at Goldman Sachs »

Nitto Denko downgraded to…

03/08/13
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03/08/13
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03/06/13
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CURO

Curo Group

$10.96

0.16 (1.48%)

04:55
04/19/19
04/19
04:55
04/19/19
04:55
Conference/Events
Curo Group management to meet with Jefferies »

Meeting to be held in…

03/08/13
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  • 19

    Apr

  • 16

    May

  • 05

    Jun

  • 13

    Nov

04:55
04/19/19
04/19
04:55
04/19/19
04:55
General news
Breaking General news story  »

Week of 4/19 Baker-Hughes…

04:55
04/19/19
04/19
04:55
04/19/19
04:55
General news
Housing Starts Permits to be reported at 08:30 »

March Housing Starts…

AON

Aon plc

$175.38

-0.14 (-0.08%)

, MMC

Marsh & McLennan

$93.76

-0.62 (-0.66%)

04:55
04/19/19
04/19
04:55
04/19/19
04:55
Conference/Events
Willis Towers Watson »

Analyst Klauber holds a…

AON

Aon plc

$175.38

-0.14 (-0.08%)

MMC

Marsh & McLennan

$93.76

-0.62 (-0.66%)

WLTW

Willis Towers Watson

$177.37

0.45 (0.25%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
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03/06/13
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  • 19

    Apr

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    Apr

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    Apr

  • 01

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  • 07

    May

  • 16

    May

  • 20

    May

  • 11

    Jun

04:55
04/19/19
04/19
04:55
04/19/19
04:55
General news
Housing Starts to be reported at 08:30 »

March Housing Starts will…

ISRG

Intuitive Surgical

$528.04

3.29 (0.63%)

21:07
04/18/19
04/18
21:07
04/18/19
21:07
Recommendations
Intuitive Surgical analyst commentary at Piper Jaffray »

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  • 18

    Apr

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    Apr

  • 03

    May

UBER

Uber

$0.00

(0.00%)

, TM

Toyota

$125.10

0.93 (0.75%)

20:35
04/18/19
04/18
20:35
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20:35
Hot Stocks
Uber confirms investment from Toyota, DENSO and SoftBank Vision Fund »

Toyota Motor (TM), Denso…

UBER

Uber

$0.00

(0.00%)

TM

Toyota

$125.10

0.93 (0.75%)

DNZOY

Denso

$0.00

(0.00%)

SFTBF

SoftBank

$0.00

(0.00%)

03/08/13
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  • 05

    Jun

FIX

Comfort Systems USA

$57.58

0.06 (0.10%)

20:08
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04/18
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Hot Stocks
Comfort Systems USA discloses ransomware attack virus »

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  • 05

    Jun

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    Jun

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    Jun

NSANY

Nissan

$0.00

(0.00%)

, RNSDF

Renault

$0.00

(0.00%)

19:29
04/18/19
04/18
19:29
04/18/19
19:29
Periodicals
Nissan to cut global output by 15% in FY19/20, Nikkei reports »

Nissan Motor (NSANY) will…

NSANY

Nissan

$0.00

(0.00%)

RNSDF

Renault

$0.00

(0.00%)

03/08/13
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