Breaking News Instant updates and real-time market news.

STZ

Constellation Brands

$191.63

1.57 (0.83%)

, CGC

Canopy Growth

$42.83

1.08 (2.59%)

09:38
04/18/19
04/18
09:38
04/18/19
09:38

Constellation agrees to modify Canopy Growth warrants due to Acreage deal

Constellation Brands (STZ) announced that it plans to enter into an agreement with Canopy Growth (CGC) to modify certain warrants and other rights as the result of Canopy's intentions to acquire Acreage Holdings (ACRGF) upon U.S. Federal cannabis legalization. Earlier today, Canopy announced it has entered into an agreement with Acreage, a U.S. multi-state cannabis operator, where Canopy plans to acquire the shares of Acreage upon U.S. Federal cannabis legalization, subject to certain conditions. This transaction, as well as proposed modifications to certain Constellation warrants, are subject to approval by Canopy shareholders. Constellation has agreed to waive its veto rights to this transaction subject to certain proposed modifications to the warrants and other conditions, the company said.

STZ

Constellation Brands

$191.63

1.57 (0.83%)

CGC

Canopy Growth

$42.83

1.08 (2.59%)

ACRGF

Acreage Holdings

$0.00

(0.00%)

STZ.B

Constellation Brands; also tag STZ

$192.15

(0.00%)

  • 07

    May

STZ Constellation Brands
$191.63

1.57 (0.83%)

04/05/19
BOFA
04/05/19
NO CHANGE
Target $216
BOFA
Buy
Constellation Brands price target raised to $216 from $188 at BofA/Merrill
BofA Merrill Lynch analyst Bryan Spillane raised his price target on Constellation Brands shares to $216 after the company reported better than expected Q4 earnings, stating that he believes a premium valuation is warranted by the company's higher than average EPS growth and margin improvement prospects. Spillane keeps a Buy rating on Constellation shares.
04/05/19
04/05/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Intel (INTC) downgraded to Market Perform from Outperform at Wells Fargo with analyst Aaron Rakers saying the shares, after rallying 19% year-to-date, reflect a more balanced risk/reward. 2. Boston Beer (SAM) downgraded to Sell from Neutral at Goldman Sachs with analyst Judy Hong saying she sees headwinds in 2019 as competition intensifies and the company is "unlikely to repeat its innovation success again this year." 3. Ford (F) downgraded to Reduce from Neutral at Nomura Instinet with analyst Anindya Das saying Ford's higher share of the U.K. auto market compared to the rest of Europe makes it more susceptible to Brexit risks. 4. Constellation Brands (STZ) downgraded to Hold from Buy at Deutsche Bank. 5. International Paper (IP) downgraded to Sector Perform from Outperform at RBC Capital with analyst Paul Quinn saying while International Paper is a "great company," investors have increased scrutiny on the containerboard market due to the "softening demand and fears of incremental capacity coming online" as year-to-date shipment growth slowed to 0.8% from 1.5% in 2018. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/05/19
BMOC
04/05/19
NO CHANGE
Target $225
BMOC
Outperform
Constellation Brands wine/spirit divestment reshapes portfolio, says BMO Capital
BMO Capital analyst Amit Sharma kept his Outperform rating and $225 price target on Constellation Brands after the company announced a divestment of lower priced wine and spirits brands, saying the move "re-shapes" its portfolio and positions it on a "clear path" to double-digit core earnings growth. The analyst adds that Constellation Brands's FY20 outlook is likely conservative and believes it can generate "continued multiple recovery" from current levels, with added benefits coming from its "free call option" on Canopy.
04/05/19
MSCO
04/05/19
NO CHANGE
Target $230
MSCO
Overweight
Constellation Brands' FY20 guidance looks conservative, says Morgan Stanley
Morgan Stanley analyst Dara Mohsenian said he was surprised by the magnitude of the "relief rally" in Constellation Brands (STZ) shares following the company's Q4 report given that the company reported greater than expected near-term EPS dilution from its low-end wine sale, realized a lower than expected multiple on the wine transaction and unexpectedly did not provide forward guidance for Canopy Growth (CGC) equity losses. With that said, he sees "two clear positives" emerging from the quarter: the fact that fundamentals in the beer business remain solid and the fact that he sees solid visibility that Constellation can hit the high end of if $8.50-$8.80 FY20 EPS guidance, leaving aside Canopy equity losses. The analyst lowered his FY20 and FY21 EPS estimates to reflect dilution from the wine asset sale and trimmed his price target to $230 from $233, but he keeps an Overweight rating on Constellation shares.
CGC Canopy Growth
$42.83

1.08 (2.59%)

04/12/19
PIPR
04/12/19
NO CHANGE
Target $60
PIPR
Overweight
Canopy Growth Q4 revenue estimate lowered at Piper Jaffray
Piper Jaffray analyst Michael Lavery trimmed his Q4 revenue estimates for Canopy Growth to reflect a more conservative build, based on early quarter Health Canada data. Based on April channel checks, product supply to retailers has recently improved, and stores are now maintaining some product inventory, Lavery tells investors in a research note However, Health Canada January industry data show industry momentum ramping up a bit more slowly than expected, adds the analyst. As such, Lavery lowered his Q4 revenue estimate for Canopy Growth to C$96.8M from C$117.6M. Capacity, scale and execution will continue to matter for the next 12-24 months, as growing supply catches up with strong demand in both Europe and Canada, says the analyst. He considers Canopy well positioned relative to its peers on these measures. Lavery keeps an Overweight rating on Canopy Growth shares with a $60 price target.
04/17/19
BOFA
04/17/19
INITIATION
Target $70
BOFA
Buy
Canopy Growth initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Christopher Carey initiated Canopy Growth (CGC) with a Buy and $70 price target saying it is positioned to be a long-term leader in the global cannabis sector. Carey said Canopy has scale with 6M square feet of cultivation capacity, capital following the Constellation (STZ) $4B investment, and vision as it lays groundwork to excel in areas higher on the value chain.
04/17/19
04/17/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Organogenesis (ORGO) initiated with an Outperform at Oppenheimer. 2. Teladoc (TDOC) initiated with an Overweight at Stephens. 3. Solar Capital (SLRC) initiated with an Outperform at Raymond James. 4. Principia Biopharma (PRNB) initiated with a Buy at Stifel. 5. Aurora Cannabis (ACB), HEXO Corp (HEXO), Canopy Growth (CGC), and Performance Food Group (PFGC) initiated with a Buy at BofA/Merrill while Cronos Group (CRON) was initiated with an Underperform at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/18/19
JEFF
04/18/19
NO CHANGE
JEFF
Hold
Canopy acquisition of Acreage would be 'big positive,' says Jefferies
Canopy Growth, according to reports last night, is set to acquire the rights to acquire one of the largest U.S. multi-state operators, Acreage Holdings, Jefferies analyst Owen Bennett tells investors in a research note. While details of the locked in purchase price are still not known, with Canopy sitting on C$4B of cash and the U.S. being the world's biggest market, this move is a "big positive," says Bennett. If Canopy were to wait to acquire a U.S operator post its listing requirements permitting, the price paid would be "way ahead of whatever has been agreed right now," he points out. Bennett has a Hold rating on Canopy Growth with a C$64 price target. The stock in premarket trading is up 7%, or $2.91, to $45.76.
ACRGF Acreage Holdings
$0.00

(0.00%)

02/21/19
GHSC
02/21/19
INITIATION
Target $42
GHSC
Buy
Acreage Holdings initiated with a Buy at Seaport Global
Seaport Global analyst Brett Hundley initiated Acreage Holdings with a Buy rating and $42 price target, citing its market positioning as a U.S. multi-state operator, its dual strategy of wholesale and retail production, the strategic nature of its Form Factory acquisition and its "influential board of directors."
STZ.B Constellation Brands; also tag STZ
$192.15

(0.00%)

01/09/19
JEFF
01/09/19
NO CHANGE
Target $269
JEFF
Buy
Constellation Brands selloff overdone after guidance lowered, says Jefferies
Jefferies analyst Kevin Grundy said he expects Constellation Brands shares to trade lower today following the company's "lower-quality" Q3 earnings beat and FY19 guidance lowering, though he believes the pre-market reaction appears to be overdone and would be a buyer amid the early weakness. While Constellation Q3 "certainly was not clean," consumer demand in the beer business remains very healthy and the stock's valuation "has reached washed out levels," according to Grundy, who keeps a Buy rating and $269 price target on the shares.
02/13/19
MSCO
02/13/19
NO CHANGE
Target $233
MSCO
Overweight
Constellation Brands trading at 'bargain price,' says Morgan Stanley
Morgan Stanley analyst Dara Mohsenian believes the market is "materially mispricing" Constellation Brands' medium-term revenue growth trajectory, noting that his 5-yr beer revenue growth forecast for the company of 7.3% is well above the roughly 4% market-implied growth expectation. Once the market moves past the near-term potential for below consensus initial FY20 EPS guidance, as Constellation usually tends to be conservative, as well as a potential dilutive low end wine sale, Mohsenian sees scope for a material multiple re-rating, he tells investors. Given his increased conviction in the achievability of his 8.25% 3-yr beer revenue CAGR, the analyst raised his price target on Constellation shares to $233 from $207 and keeps an Overweight rating on the stock, which he views as currently trading at a "bargain price."
02/21/19
GHSC
02/21/19
INITIATION
GHSC
Neutral
Canopy Growth initiated with a Neutral at Seaport Global
Seaport Global analyst Brett Hundley initiated Canopy Growth (CGC) with a Neutral rating, stating that he "very much like this company," but he believes the current valuation already discounts attractive forward fundamentals and potential cash value from the exercise of additional warrants from Constellation (STZ).
04/05/19
FBCO
04/05/19
NO CHANGE
Target $230
FBCO
Outperform
Constellation results pave way for shares to trade on growth, says Credit Suisse
Credit Suisse analyst Kaumil Gajrawala reiterated an Outperform rating and $230 price target on Constellation Brands following the company's Q4 results, saying that with beer results and dilution from wine in-line with his expectations, he believes the results pave the way for Constellation shares to trade based on the growth, returns and cash flow to be delivered by "RemainCo."

TODAY'S FREE FLY STORIES

OCFT

OneConnect

$0.00

(0.00%)

10:12
12/13/19
12/13
10:12
12/13/19
10:12
Syndicate
OneConnect indicated to open at $10.50, IPO priced at $10.00 »

OneConnect (OCFT) priced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 13

    Dec

LMAT

LeMaitre

$35.48

(0.00%)

10:12
12/13/19
12/13
10:12
12/13/19
10:12
Conference/Events
LeMaitre management to meet with Sidoti »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Dec

10:12
12/13/19
12/13
10:12
12/13/19
10:12
Hot Stocks
Breaking Hot Stocks news story  »

Liberty TripAdvisor…

10:10
12/13/19
12/13
10:10
12/13/19
10:10
Conference/Events
JPMorgan healthcare tech analyst to hold an analyst/industry conference call »

Healthcare Technology…

10:10
12/13/19
12/13
10:10
12/13/19
10:10
General news
U.S. business inventories rebounded 0.2% in October, while sales declined -0.1% »

U.S. business inventories…

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$317.26

0.12 (0.04%)

10:08
12/13/19
12/13
10:08
12/13/19
10:08
Periodicals
China says U.S. to cancel tariffs step by step, CNBC reports »

CNBC's Eunice Yoon…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$317.26

0.12 (0.04%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

10:07
12/13/19
12/13
10:07
12/13/19
10:07
Hot Stocks
Breaking Hot Stocks news story  »

Liberty TripAdvisor…

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$316.89

-0.25 (-0.08%)

10:06
12/13/19
12/13
10:06
12/13/19
10:06
Periodicals
Breaking Periodicals news story on S&P 500, SPDR S&P 500 ETF Trust »

China says agreement…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$316.89

-0.25 (-0.08%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

ATNX

Athenex

$14.10

-2.84 (-16.77%)

10:04
12/13/19
12/13
10:04
12/13/19
10:04
Recommendations
Athenex analyst commentary  »

Athenex oraxol OS and ORR…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 13

    Dec

SPY

SPDR S&P 500 ETF Trust

$317.04

-0.1 (-0.03%)

, SPX

S&P 500

$0.00

(0.00%)

10:04
12/13/19
12/13
10:04
12/13/19
10:04
Periodicals
Breaking Periodicals news story on SPDR S&P 500 ETF Trust, S&P 500 »

China announces major…

SPY

SPDR S&P 500 ETF Trust

$317.04

-0.1 (-0.03%)

SPX

S&P 500

$0.00

(0.00%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

10:02
12/13/19
12/13
10:02
12/13/19
10:02
General news
Business Inventories data reported »

October Business…

RCL

Royal Caribbean

$125.06

0.04 (0.03%)

10:01
12/13/19
12/13
10:01
12/13/19
10:01
Conference/Events
Royal Caribbean participates in a conference call with Wedbush »

Conference call with CFO…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 13

    Dec

  • 13

    Dec

THC

Tenet

$37.11

-0.1 (-0.27%)

10:01
12/13/19
12/13
10:01
12/13/19
10:01
Hot Stocks
Tenet enters pact to divest Memphis-area hospitals, operations »

Tenet has entered into a…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

C

Citi

$77.07

0.03 (0.04%)

10:00
12/13/19
12/13
10:00
12/13/19
10:00
Options
Put sale in Citi is largest early single-stock block »

Put sale in Citi is…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Jan

LYG

Lloyds Banking

$3.43

0.24 (7.52%)

10:00
12/13/19
12/13
10:00
12/13/19
10:00
Hot Stocks
Lloyds Banking rises 7.2% »

Lloyds Banking is up…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

NAK

Northern Dynasty

$0.51

(0.00%)

10:00
12/13/19
12/13
10:00
12/13/19
10:00
Hot Stocks
Breaking Hot Stocks news story on Northern Dynasty »

Northern Dynasty trading…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

BCS

Barclays

$9.83

0.75 (8.26%)

10:00
12/13/19
12/13
10:00
12/13/19
10:00
Hot Stocks
Barclays rises 8.0% »

Barclays is up 8.0%, or…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

RBS

RBS

$6.84

0.68 (11.04%)

10:00
12/13/19
12/13
10:00
12/13/19
10:00
Hot Stocks
RBS rises 11.0% »

RBS is up 11.0%, or 68c…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

BTC

Bitcoin

$0.00

(0.00%)

, BITCOIN

Bitcoin

$0.00

(0.00%)

09:57
12/13/19
12/13
09:57
12/13/19
09:57
On The Fly
The Intersection: Crypto and Wall Street This Week »

As bitcoin, ethereum and…

BTC

Bitcoin

$0.00

(0.00%)

BITCOIN

Bitcoin

$0.00

(0.00%)

ING

ING Group

$12.06

0.135 (1.13%)

AMD

AMD

$42.13

-0.48 (-1.13%)

ICE

IntercontinentalExchange

$90.83

0.66 (0.73%)

NVDA

Nvidia

$225.36

1.17 (0.52%)

OSTK

Overstock.com

$7.41

0.03 (0.41%)

DPW

DPW Holdings

$1.31

0.1 (8.26%)

KODK

Kodak

$3.04

-0.06 (-1.94%)

IDEX

Ideanomics

$0.76

0.01 (1.33%)

RIOT

Riot Blockchain

$1.32

0.01 (0.76%)

TEUM

Pareteum

$0.41

-0.0123 (-2.95%)

SRAX

SRAX, Inc

$1.45

(0.00%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 06

    Jan

  • 07

    Jan

  • 07

    Jan

  • 06

    Feb

09:57
12/13/19
12/13
09:57
12/13/19
09:57
Conference/Events
House Judiciary Committee debates articles of impeachment »

The Committee holds Day 3…

PPL

PPL Corp.

$35.25

1.64 (4.88%)

, ADBE

Adobe

$317.31

11.55 (3.78%)

09:55
12/13/19
12/13
09:55
12/13/19
09:55
Options
Early notable gainers among liquid option names on December 13th »

Notable gainers among…

PPL

PPL Corp.

$35.25

1.64 (4.88%)

ADBE

Adobe

$317.31

11.55 (3.78%)

BIIB

Biogen

$299.91

5.99 (2.04%)

BLL

Ball Corp.

$64.02

0.59 (0.93%)

HUM

Humana

$351.28

4.2 (1.21%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 23

    Jan

09:55
12/13/19
12/13
09:55
12/13/19
09:55
Conference/Events
BTIG biotech analysts to hold an analyst/industry conference call »

Biotech Analysts, along…

EA

Electronic Arts

$105.00

-0.08 (-0.08%)

, ATVI

Activision Blizzard

$58.19

-0.41 (-0.70%)

09:55
12/13/19
12/13
09:55
12/13/19
09:55
Conference/Events
Wedbush digital media analyst to hold an analyst/industry conference call »

Digital Media Analyst…

EA

Electronic Arts

$105.00

-0.08 (-0.08%)

ATVI

Activision Blizzard

$58.19

-0.41 (-0.70%)

GME

GameStop

$5.48

-0.1 (-1.79%)

NTDOY

Nintendo

$0.00

(0.00%)

TTWO

Take-Two

$122.77

-2.56 (-2.04%)

UBSFY

Ubisoft

$0.00

(0.00%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 13

    Dec

  • 13

    Dec

JNJ

Johnson & Johnson

$141.54

0.14 (0.10%)

09:52
12/13/19
12/13
09:52
12/13/19
09:52
Conference/Events
Cantor Fitzgerald biotech analysts to hold an analyst/industry conference call »

Biotech Analysts Chen and…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 22

    Jan

F

Ford

$9.37

0.045 (0.48%)

09:50
12/13/19
12/13
09:50
12/13/19
09:50
Hot Stocks
Ford issues safety recall for 2017-2019 Ford Super Duty SuperCrew vehicles »

Ford Motor Company is…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 07

    Jan

  • 04

    Feb

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.