Constellation Brands: Jefferies downgrades its recommendation

(CercleFinance.com) - Jefferies downgrades its recommendation on Constellation Brands from 'buy' to 'hold', with a price target reduced from $310 to $201, following its quarterly publication for its third accounting quarter.


The broker points out that the alcoholic beverage group missed expectations in all segments and lowered its forecasts, citing a difficult economic situation (notably unemployment among Hispanics).

While Constellation Brands seems oversold, Jefferies believes it can trade at a discount until we see a pick-up, so it's best to wait rather than speculate.

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