In a report released today, Timothy Ramey from Pivotal Research maintained a Buy rating on Constellation Brands Inc (STZ), with a price target of $265. The company’s shares opened today at $198.62.
Ramey said:
“We are convinced that CGC is the best way to play the rapidly growing cannabis market and investors should begin to fully reflect that value and CGC’s prospects, rather than penalizing STZ for the cash carrying costs and non-cash dilution of the investment, in our view. This makes STZ a truly compelling BUY.”
According to TipRanks.com, Ramey is a 4-star analyst with an average return of 6.6% and a 53.5% success rate. Ramey covers the Consumer Goods sector, focusing on stocks such as Post Holdings Inc, Brown-Forman B, and Flowers Foods.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Constellation Brands Inc with a $232.22 average price target, a 16.9% upside from current levels. In a report issued on June 24, Merrill Lynch also reiterated a Buy rating on the stock with a $221 price target.
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Based on Constellation Brands Inc’s latest earnings release for the quarter ending February 28, the company reported a quarterly net profit of $1.24 billion. In comparison, last year the company earned revenue of $2.05 billion and had a net profit of $744 million.
Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. Last month, Robert Sands, the COB of STZ sold 65,611 shares for a total of $13,551,428.
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Constellation Brands, Inc. engages in the production, marketing, and distribution of beer, wine, and spirits. It operates through the following segments: Beer, Wine and Spirits, and Corporate Operations and Other. The Beer segment includes imported and craft beer brands.
