Yahoo Finance Today’s Research Reports on Stocks to Watch: Snap and Constellation Brands
NEW YORK, NY / ACCESSWIRE / October 5, 2018 / Negative remarks and concerns from an analyst at Citi and an analyst at Evercore is what dragged shares of Snap lower on Thursday. Both analysts lowered their price targets to $7 and downgraded their ratings. Shares of Constellation Brands were in the green on strong second quarter results that beat expectations and a raised EPS outlook.
RDI Initiates Coverage on:
Snap Inc.
https://rdinvesting.com/news/?ticker=SNAP
Constellation Brands, Inc.
https://rdinvesting.com/news/?ticker=STZ
Snap Inc. shares were down 5.22% on about 36.5 million shares traded on Thursday. The parent company of the SnapChat app saw its shares sink to a new low of $7.56 after receiving negative comments from analysts who also cut their price targets on the stock to $7. Citi analyst Mark May reiterated a sell rating on the stock and reduced his price target from $8 to $7. According to May, it was a string of recent executive departures, deteriorating user trends, and poor guidance that led to his downgrade. Evercore analyst Anthony DiClemente cut his price target from $9 to $7 while reiterating an underperform rating. Along with May's concerns about the executive departures, Evercore is also troubled by them as well as user trends. Despite the stock dropping this week it was reported that the company's CEO Evan Spiegel is still Forbes’ youngest billionaire.
Access RDI’s Snap Inc. Research Report at:
https://rdinvesting.com/news/?ticker=SNAP
Constellation Brands, Inc. shares were up 5.38% at the close on Thursday on nearly 7.5 million shares traded. The alcohol giant reported second quarter earnings that beat expectations. For the second quarter, the maker of Modelo and Corona reported that adjusted EPS grew 16.0% on a year-over-year basis. The adjusted EPS of $2.87 beat analysts’ estimate of $2.59. The company has raised its outlook for 2019 to a range of $9.60 to $9.75. Previously the company was expecting a range of $9.40 to $9.70. Revenue of $2.30 billion for the fiscal second quarter was up from the company’s revenue of $2.09 billion in the same quarter a year ago. It was also ahead of the $2.25 billion that analysts had expected. Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Access RDI’s Constellation Brands, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=STZ
Our Actionable Research on Snap Inc. (NYSE: SNAP) and Constellation Brands, Inc. (NYSE: STZ) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com
