US: Legg Mason raises Constellation targets
The equity analyst Legg Mason has raised its fiscal 2006 EPS targets for the US drinks group Constellation Brands to US$3.18 from US$3.12, saying it believed the company's attractive growth profile remains intact.
Legg Mason analyst Mark Swartzberg also lifted his 12-month target price to US$63 per share from US$53 per share and reiterated his "Buy" recommendation.
Swartzberg said: "The shares have performed strongly, but valuation relative to earnings power appears reasonable and our US$63 target anticipates an essentially unchanged forward P/E, i.e., performance in-line with earnings growth."
The move by Legg Mason came after Constellation reported comparable fourth quarter EPS of US$0.62, compared to market estimates around US$0.58.
Legg Mason said greater-than-expected Mondavi-related accretion of US$0.03-US$0.04 drove the upside.
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