0929 ET - On the heels of the Trump administration's pledge to enact 25% tariffs on imports from Mexico, Piper Sandler downgrades Modelo and Corona brewer Constellation Brands to neutral from overweight. In a research note, Piper's Michael Lavery and Luke Maloney say they expect the tariffs will last for at least about a quarter, adding that a full fiscal year of tariffs could clip Constellation's FY26 earnings by $3.00-3.75 a share. Piper's price target on Constellation goes to $200 from $245. Constellation down 7.2% premarket to $168.98. (colin.kellaher@wsj.com)
(END) Dow Jones Newswires
February 03, 2025 09:29 ET (14:29 GMT)
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