Investors obviously weren’t enjoying the taste of liquor conglomerate Constellation Brands (NYSE: STZ) on Tuesday. Following the lead of two analysts who became notably more bearish on the stock, they traded Constellation shares down by over 3% on the day. Meanwhile, the benchmark S&P 500 index landed in the black with a 0.4% increase.
Arguably the more influential of the pair of new analyst takes was that published by Bank of America Securities’ Peter Galbo. In it, he downgraded his recommendation on Constellation stock to underperform (sell, in other words) from his previous neutral. He also knocked down his price target considerably, reducing it to $150 per share from the preceding $182.
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