These Analysts Increase Their Forecasts On Constellation Brands After Upbeat Earnings
Portfolio Pulse from Lisa Levin
Constellation Brands Inc (NYSE:STZ) reported a 7% YoY net sales growth of $2.84 billion for Q2 FY24, beating the consensus estimate of $2.82 billion. The company also raised its FY24 Comparable EPS outlook from $11.70 - $12 to $12 - $12.20. Despite the positive earnings, the company's shares fell 1.3% to trade at $238.18. Post earnings, several analysts including HSBC, JP Morgan, Truist Securities, Roth MKM, and Wedbush increased their price targets on Constellation Brands.
October 06, 2023 | 6:21 pm
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Constellation Brands reported better than expected Q2 FY24 earnings and raised its EPS outlook, leading to several analysts raising their price targets. However, the company's shares fell 1.3%.
Despite the positive earnings report and raised EPS outlook, Constellation Brands' shares fell, indicating a possible disconnect between the company's performance and its stock price. The raised price targets by analysts could potentially lead to a positive impact on the stock in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100