Market News / Story
Constellation Brands’ Beer Turnaround Remains Unproven, BofA Says Cutting STZ Stock Price Target
Stocktwits ·
Stocktwits reports: Constellation Brands (STZ) shares were in focus Wednesday after Bank of America (BofA) analyst Peter Galbo lowered his price target on the stock to $120 from $145 while maintaining an 'Underperform' rating following the company's second-quarter results. According to The Fly, BofA said a lower valuation multiple is justified given the lack of an evident, sustainable turnaround in the beer business. STZ stock rose as much as 2.09% in morning trade, paring gains after…