Constellation Brands Stock Brushes Off Beat-and-Raise

CRFA also lifted its price target to $250 from $235

Digital Content Manager
Oct 5, 2023 at 10:38 AM
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Constellation Brands, Inc. (NYSE:STZ) reported fiscal second-quarter profits of $3.70 per share and $2.84 billion in revenue before the bell, both of which bested analysts' estimates. The company also lifted is annual profit target, noting strong demand for its beers and spirits, as well as higher prices, warranting a price-target hike from CRFA to $250 from $235.

Despite the impressive results, STZ was last seen down 2.2% at $243.79, pacing for its fourth loss in five sessions as Wall Street resumes its selloff. The equity is trading at its lowest level since late June, though there is still hope the $240 could contain this pullback, as it did back then.

Options activity is already running at seven times the intraday average, with 2,548 calls and 7,211 puts traded so far. Most popular is the weekly 10/6 126-strike put, where new positions are being opened.

At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), STZ carries a 50-day put/call volume ratio of 1.01 that ranks in the 95th annual percentile of annual readings. This points to a stronger-than-usual appetite for long puts lately.

 

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