Constellation Brands (New York Stock Exchange: STZ) plans to release its third quarter 2023 results on January 5, before the market opens. In addition to the introduction of non-alcoholic beverages, the high demand for alcohol during the holiday season may have supported the company’s quarterly results.
New York-based Constellation Brands is one of the world’s largest producers and distributors of beer, wine and spirits.
Furthermore, according to published data, Nielsen IQthe 2022 World Cup tournament boosted beer sales by 3.1% year-on-year. It is expected to make a profit by selling the beverage.
However, persistently high inflation leading to higher raw material, transportation and labor costs may have impacted the company’s bottom line.
The Street expects Constellation Brands to report adjusted earnings of $2.91 per share in the third quarter, down from $3.12 per share in the same period last year. Earnings forecast, meanwhile, remains pegged at $2.4 billion, up 4.3% year-over-year.
Is Constellation Brands stock a buy?
Wall Street is very optimistic about stock prices. STZ has a strong buy consensus rating based on 9 buys and 2 holds. An average price target of $277.27 implies a potential upside of 19.6% from current levels.
thoughts of the end
The expansion of Constellation Brands’ brewing capacity, which is focused on expanding its international presence, is expected to support the company’s performance. Also, our investment in product promotion continues to attract customers.
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