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Constellation Brands: Jefferies confirms Buy recommendation

(CercleFinance.com) - The broker confirms its Buy recommendation on the stock, with a TP of $314.


The beer sector is on the rise and should continue to do so, with gains in shelf space. Wines and spirits continue to struggle - a cause for concern in this sustainable volume growth sector, which is characterized by rising margins, better FCF and (potentially) higher returns on investmen, it summarises.

Trading at 14x EBITDA, the shares have not yet been fully valued, it notes.

With EPS of $12.06 and FCF of $1.5bn for the past year, Constellation Brands is expecting respective target ranges of $13.50 to $13.80 and $1.4bn to $1.5bn for 2024.


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