Constellation Brands Inc STZ on Thursday reported upbeat earnings for its second quarter.
The company reported second-quarter FY24 net sales growth of 7% year-on-year to $2.84 billion, beating the analyst consensus estimate of $2.82 billion. Comparable EPS of $3.70 beat the consensus estimate of $3.36.
Constellation raised FY24 Comparable EPS outlook from $11.70 – $12 to $12 – $12.20 versus an estimate of $11.70.
Constellation Brands shares fell 1.3% to trade at $238.18 on Friday.
These analysts made changes to their price targets on Constellation Brands following earnings announcement.
- HSBC raised the price target on Constellation Brands from $280 to $290. HSBC analyst Carlos Laboy maintained a Buy rating.
- JP Morgan increased the price target on Constellation Brands from $307 to $309. JP Morgan analyst Andrea Teixeira maintained an Overweight rating.
- Truist Securities analyst Bill Chappell, meanwhile, reiterated Constellation Brands with a Hold and maintained a $260 price target.
- Roth MKM analyst Bill Kirk reiterated Constellation Brands with a Buy and maintained a $311 price target.
- Wedbush analyst Gerald Pascarelli reiterated Constellation Brands with an Outperform and maintained a $300 price target.
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