September 7, 2018 / 4:38 PM / 17 days ago

BUZZ-Jefferies bullish on Constellation, bearish on Molson Coors

(Updates)

** Jefferies starts coverage of U.S spirits producers, with “buy” on Constellation Brands, “hold” on Brown-Forman and “underperform” on Molson Coors Brewing Co

** Shares of TAP down 4.2 pct at $63.64, while STZ up 0.8 pct at $210.34 and BFb 0.5 pct at $54.05

** Sets TAP’s PT at $55, BFb at $49 and STZ at $283

** Drop in STZ following investment in marijuana producer Canopy Growth creates attractive entry point, writes Jefferies, adding investment provides foothold in a rapidly growing market

** Upbeat on BFb’s spirits segment and expects growth drivers to continue, but says valuation looks full vs peers

** Expects sales to decline for Molson-Coors over 2018-2022 due to challenging trends in its U.S. beer portfolio

** TAP down 22 pct, STZ about 8 pct YTD, while BFb up marginally (Reporting by Brijesh Patel and Amy Caren Daniel in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below