Constellation Brands: shares up; Jefferies a buyer
(CercleFinance.com) - Shares in Constellation Brands are up on Friday after Jefferies initiated coverage of the stock with a "buy" rating and a target price of 283 dollars.
In a report Jefferies said that the share's year-to-date underperformance (-8% vs. +8% for the S&P 500) has created an attractive entry point for a "compelling growth story."
The broker wrote that the Corona beer maker's strong results should continue given its leading position in high-growth Mexican imports, its unique leverage to the cannabis market, and finally an attractive valuation.
Just under an hour after Wall Street opened, Constellation Brands shares were up 0.3% at 209.2 dollars, compared to a flat S&P 500 index.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a report Jefferies said that the share's year-to-date underperformance (-8% vs. +8% for the S&P 500) has created an attractive entry point for a "compelling growth story."
The broker wrote that the Corona beer maker's strong results should continue given its leading position in high-growth Mexican imports, its unique leverage to the cannabis market, and finally an attractive valuation.
Just under an hour after Wall Street opened, Constellation Brands shares were up 0.3% at 209.2 dollars, compared to a flat S&P 500 index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.