Constellation Brands: Jefferies downgrades stock

(CercleFinance.com) - Jefferies downgrades its recommendation on Constellation Brands shares from 'buy' to 'hold', with a target price reduced from $310 to $201 (NB: pmt -2.
6%), following its Q3 publication.

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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