We're upgrading this beer stock after an unwarranted post-earnings slide

Constellation Brands on Thursday delivered a top-and-bottom-line quarterly earnings beat, while raising its full-year guidance. And with shares retreating unnecessarily post-results, we're upgrading the stock to a buy rating. Net sales for the three months ended Aug. 31 climbed 7% year-over-year, to $2.84 billion, ahead of Wall Street's expectations of $2.82 billion, according to Refinitiv. Adjusted earnings-per-share advanced 17% compared with the same period a year prior, to $3.

A worker from Constellations Brands Inc.'s Grupo Modelo subsidiary makes a delivery in the Zona Rosa neighborhood of Mexico City. on Thursday delivered a top-and-bottom-line quarterly earnings beat, while raising its full-year guidance. And with shares retreating unnecessarily post-results, we're upgrading the stock to a buy rating.

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Constellation Brands earnings top estimatesCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
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Constellation Brands beats on earnings as Modelo-fueled beer momentum continuesRevenue growth was driven by demand for its Modelo Especial and Modelo Chelada brands as well as Corona Extra.
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