Wells Fargo analysts said that Constellation's beer sales, "which continue to post solid gains in the latest biweekly Nielsen data...reinforces [Wells Fargo's] bullish view on [Constellation] as it gains momentum in the lucrative lower calorie/carb better-for-you market."
Wells Fargo reiterated its Outperform rating on Constellation.
"All-in, we believe [Constellation] remains well-positioned at the high-end of the beer category and we remain optimistic that Corona's newest brands have the potential to be highly incremenral to [Constellation]," said Wells Fargo.
The price target is listed at $270.
Constellation hovered around $230 and was up nearly 2% in trading on Tuesday, June 12.