Constellation Brands Stock Tumbled on Seltzer Lawsuit. It Could Be Time to Buy. [Yahoo! Finance News]
Constellation Brands, Inc. (STZ)
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Source: Yahoo! Finance News
Text sizeGrupo Modelo sued Constellation Brands over its use of the Corona brand for a hard seltzer.Kris Connor/Getty Images for NYCWFFAnheuser-Busch InBevGoldman SachsAnalyst Bonnie Herzog reiterated a Buy rating and $275 price target on Constellation Brands (ticker: STZ), which she also named to her firm’sConviction Buy listThe lawsuit stems from a 2013 agreement between Constellation Brands and AB InBev (BUD) about use of the Corona brand. When AB InBev acquired Grupo Modelo—which owns Corona and other brands—it agreed to sell the U.S. business to Constellation to address government antitrust concerns, while retaining the rights to the Grupo Modelo portfolio elsewhere. AB InBev’s Grupo Modelo arm is now suing Constellation, saying that the latter’s license to use the Corona brand is only for beer, and that the hard-seltzer product therefore violates the pact.Constellation says the claims are without merit and that it has fully complied with the agreement.Herzog noted that AB InBev
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- 4/19/24 - Form 144
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