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STZ

Constellation Brands

$181.63

0.72 (0.40%)

, STZ.B

Constellation Brands; also tag STZ

$181.15

(0.00%)

09:11
12/12/19
12/12
09:11
12/12/19
09:11

Constellation Brands, E. & J. Gallo revise wine, spirits agreement

Constellation Brands announced that it and E. & J. Gallo Winery have agreed to revise their original transaction to divest a portion of Constellation's wine and spirits portfolio principally priced at $11 retail and below, including related facilities located in California, New York, and Washington. The new agreement will supersede the original agreement announced in April 2019. The revisions to the transaction are to address competitive concerns raised by the FTC primarily related to the Sparkling Wine, Brandy, Dessert Wine, and Concentrate categories. As a result, the brands Cook's California Champagne, J. Roget American Champagne, and Paul Masson Grande Amber Brandy will be excluded from the transaction resulting in an adjusted transaction price of approximately $1.1B, of which $250M is an earnout if brand performance provisions are met over a two-year period after closing. Combined, Cook's, J. Roget, and Paul Masson Grande Amber Brandy sell approximately five million cases annually. As part of the ongoing transformation strategy for the Wine and Spirits business, Constellation is pursuing other opportunities to divest the brands and Concentrate business excluded from the original agreement to companies whose business strategies better align with the brands. The revised transaction and the divestment of the excluded brands are expected to close by the end of fiscal 2020 and are subject to FTC review and approval.In a separate transaction, Constellation has entered into an agreement with E. & J. Gallo to divest the New Zealand-based Nobilo Wine brand and related assets for $130M. This transaction is expected to close in the first half of fiscal 2021 and is subject to FTC and New Zealand regulatory review and approval. For the trailing 12 months ended August 31, 2019, the Nobilo brand generated volume of approximately 550,000 cases, with net sales of nearly $40M and CAM of approximately $19M. In totality including Nobilo, case volume, net sales and CAM to be sold to Gallo totaled approximately 22 million cases, $860M net sales and $330M in CAM for the trailing 12 months ended August 31, 2019.

STZ

Constellation Brands

$181.63

0.72 (0.40%)

STZ.B

Constellation Brands; also tag STZ

$181.15

(0.00%)

  • 08

    Jan

  • 08

    Jan

STZ Constellation Brands
$181.63

0.72 (0.40%)

10/14/19
GHSC
10/14/19
DOWNGRADE
GHSC
Neutral
Canopy, Hexo downgraded to Neutral as Seaport Global cuts cannabis estimates
Seaport Global analyst Brett Hundley lowered his sales and earnings forecasts for the conventional Canadian cannabis companies he covers as part of a broader reset of expectations for the Canadian cannabis space. As part of the broader changes, he downgraded Canopy Growth (CGC) and Hexo Corp. (HEXO), both to Neutral from Buy. Hundley has lowered his FY21 view for Canopy's revenue to $475.5M and his EBITDA forecast to ($75.1M), adding that he no longer feels confident in the company's potential to receive incremental equity warrant funding from Constellation (STZ) in the near-term. For Hexo, he now sees FY21 revenue of $121.7M and $0.2M in EBITDA. He expects market pricing to become "considerably more challenged" as industry production funnels into "a limited store set" in Canada, Hundley tells investors. He keeps a Buy rating on Aphria (APHA), making it his only Buy-rated conventional Canadian cannabis company, though he cut his price target on the stock to $8 from $13. Hundley has Neutral ratings on Aurora Cannabis (ACB) and Tilray (TLRY).
12/06/19
COWN
12/06/19
NO CHANGE
Target $240
COWN
Outperform
Constellation Brands weakness a buying opportunity, says Cowen
Cowen analyst Vivien Azer said Constellation Brands has pulled back more than 11% recently providing an attractive entry point into the stock. The analyst said constellation remains her overall Top Pick across all the companies she follows heading into 2020 noting the new CEO has cleaned house and has divested slow growth divisions that are not complementing their Mexican import business. Azer reiterated her Outperform rating and $240 price target on Constellation Brands shares.
12/09/19
CANT
12/09/19
NO CHANGE
Target $18.9
CANT
Neutral
Cantor sees over 66% chance of Constellation bidding for Canopy Growth
Cantor Fitzgerald analyst Pablo Zuanic is surprised it has taken this long for Constellation Brands (STZ) to appoint a new CEO at Canopy Growth (CGC) following the exit of Bruce Linton. Pundits trying to read the tea leaves could make arguments both pro and con regarding whether the probability of a bid for the entire company by Constellation has increased or not, Zuanic tells investors in a research note. For his part, the analyst thinks the probability of Constellation trying to acquire Canopy has increased. However, he admits it is not an easy strategic decision for Constellation given its balance sheet, likely mid- to high-teens earnings dilution from a deal for the 65% of Canopy it does not own, and likely near-term hit to its own share price. Nonetheless, Zuanic assigns a more than two-thirds probability to Constellation putting in a bid for all of the Canopy Growth equity in the near term. On the argument of an improving outlook for the cannabis industry, Constellation could justify a deal, contends the analyst, who has a Neutral rating on Canopy Growth with a C$18.90 price target.
12/12/19
CANT
12/12/19
NO CHANGE
Target $27
CANT
Neutral
Canopy Growth price target raised to C$27 from C$18.90 at Cantor Fitzgerald
Cantor Fitzgerald analyst Pablo Zuanic raised his price target for Canopy Growth (CGC) to C$27 from C$18.90 and keeps a Neutral rating on the shares after meeting with management. The analyst assumes a C$31 potential takeover price and assigns a 65% probability to a deal happening. Constellation Brands (STZ) has confirmed it will contribute further cash to Canopy at some point via the outstanding warrants. However, it could take control of the company with less cash disbursement given the strike prices are up to three times above current levels, Zuanic tells investors in a research note.
STZ.B Constellation Brands; also tag STZ
$181.15

(0.00%)

07/15/19
BOFA
07/15/19
DOWNGRADE
Target $50
BOFA
Underperform
BofA/Merrill double downgrades Molson Coors to Underperform
As previously reported, BofA Merrill Lynch analyst Bryan Spillane downgraded Molson Coors (TAP) two notches, to Underperform from Buy, citing the heightened potential he sees that the company will need to increase spending to stabilize core brands' market share and invest in premium and "beyond" beer segments. To support his view, Spillane notes that Molson Coors has continued to lose market share in FY19 as competitors such as AB InBev (BUD), Heineken (HEINY), Constellation (STZ) and Boston Beer (SAM) have increased marketing/brand support and that products like hard seltzers and canned wine pose further risk to domestic light beer. He lowered his price target on Molson Coors shares to $50 from $70.
09/19/19
MKMP
09/19/19
INITIATION
Target $263
MKMP
Buy
Constellation Brands initiated with a Buy at MKM Partners
MKM Partners analyst Bill Kirk initiated Constellation Brands with a Buy rating and $263 price target.
09/20/19
MKMP
09/20/19
INITIATION
Target $263
MKMP
Buy
MKM Partners starts Constellation at Buy on Modelo's 'unrelenting strength'
As previously reported, MKM Partners analyst Bill Kirk initiated Constellation Brands (STZ) with a Buy rating and $263 price target, telling investors that Modelo's "unrelenting strength" and cash generation affords the company flexibility to invest in innovation, adjacent industries and marketing while Most of its peers face declining volumes and P&L pressures. Modelo has become, or nearly is, the biggest brand in some major regions of the U.S. and Kirk believes this trend will continue, he said.

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Square

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