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JPMorgan calls the drop in this beer stock a buying opportunity

Pelican Press · 2024-07-05T13:21:39+0000

This is the hidden content, please Sign In or Sign Up JPMorgan calls the drop in this ***** stock a buying opportunity Constellation Brands could be poised for a breakout after a 3% selloff Wednesday and a lukewarm first half of 2024, according to JPMorgan. Shares of the ***** maker are ahead almost 4% in 2024, lagging the broader market. Constellation posted better-than-expected fiscal first-quarter results on Wednesday for the quarter ended in May, topping Wall Street’s estimates on the top and bottom line. The beat wasn’t enough to assuage investor worry over weakness in Constellation’s wine and spirits business, however, and led to the stock selling off. According to JPMorgan analyst Andrea Teixeira, the selloff was “unjustified,” noting that the recent pullback could present a buying opportunity for investors to capture potential margin improvement thanks to stronger ***** sales. STZ YTD mountain Constellation Brands shares in 2024. JPMorgan reiterated an overweight rating on the brewer and raised its price target to $320 per share from $291 in a July 3 note. The bank’s forecast implies nearly 28% upside from Wednesday’s $250.37 close. Constellation Brands, home to ***** brands Modelo Especial and Corona, is the largest domestic ***** importer. “Given favorable secular trends in U.S. alcoholic beverage consumption, including premiumization and faster growth in legal-drinking age Hispanic consumers, and further distribution runway for powerhouse Modelo Especial and emerging brands, we view the company’s long-term revenue growth targets for its core ***** segment as achievable,” the analyst said. Teixeira also addressed concerns tied to Constellation’s wine and spirits segment, which he says will improve with time as margins grow and the company “premiumizes the portfolio.” “Moreover, the company has taken steps to improve governance and capital allocation decisions, which could result in a more supportive shareholder base over time,” she said. This is the hidden content, please Sign In or Sign Up Investment strategy,Markets,Constellation Brands Inc,JPMorgan Chase & Co,business news #JPMorgan #calls #drop #***** #stock #buying #opportunity This is the hidden content, please Sign In or Sign Up This is the hidden content, please Sign In or Sign Up

By Pelican Press,
July 5, 2024 in World News

https://hopzone.eu/forums/topic/58506-jpmorgan-calls-the-drop-in-this-beer-stock-a-buying-opportunity/

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Posted July 5, 2024

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JPMorgan calls the drop in this ***** stock a buying opportunity

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Investment strategy,Markets,Constellation Brands Inc,JPMorgan Chase & Co,business news
#JPMorgan #calls #drop #***** #stock #buying #opportunity

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