That recommendation will hold through year-end, Credit Suisse says, citing Constellation Brands‘ “healthy depletions, minimal seltzer exposue and margin upside” along with expected improving supply and “steady on-premise performance.”
It’s an example of how staying focused on the fundamentals, and not chasing every hot trend, can work wonders for investors in a company’s stock.
To be sure, depletions are expected to run below shipments tis quarter, says Credit Suisse analyst Kaumil Gajrawala, who notes off-premise has showed as consumers shifted channels during the Covid-19 Delta surge.
In New York Stock Exchange trading, Constellation closed at $210.69, down 0.51% Thursday.