US: Downgrade causes Constellation share slide
Shares in Constellation Brands Inc. dropped more than 5% yesterday following a downgrade by investment bank, JP Morgan.
JPMorgan analyst Dara Mohsenian reduced the company's rating to "Neutral" or "Hold" from "Overweight" or "Buy", warning that growth could slow in the second half of the year. Mohsenian suggested second half organic growth could be limited because of "international weakness, decelerating US wine pricing and less seasonal contribution from beer."
Constellation shares fell by 5.5% to US$26.44 in afternoon trading on the New York Stock Exchange.
A consortium led by Constellation Brands has made a tentative approach for Allied Domecq....
The Board of Directors of Constellation Brands, Inc. has declared a quarterly dividend on the company's 5.75% Series A Mandatory Convertible Preferred Stock, payable on 1 June, to shareholders of reco...
Constellation is expected to launch a counter-bid for Allied Domecq by the end of this month, according to press reports....
The Hardy Wine Company has posted a record grape harvest....
Constellation Brands is to launch a new Australian wine brand onto the US market through its North Lake Wines. The wine will be called Kelly's Revenge....
A host of drinks companies spent the weekend mulling over whether to launch counter-bids for Allied Domecq, according to press reports over the last few days....
This weekend's press reports have thrown up two other interested parties in the potential Allied Domecq carve-up....
Constellation Brands is interested in some of Allied Domecq's spirits brands, according to reports today (15 April)....
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