Constellation Brands Inc.  (NYSE:STZ) posted better-than-expected first-quarter results after Tuesday’s closing bell.

Constellation Brands reported quarterly earnings of $3.43 per share, which beat the consensus estimate of $3.21 by 6.85%, according to Benzinga Pro data. Quarterly revenue clocked in at $2.43 billion, which beat the Street estimate of $2.39 billion.

"I see significant runway to continue growing our leading brands with an even greater emphasis on understanding consumer occasions and relevance — increasingly looking at our business through the lens of when, where and why consumers are choosing our brands," said CEO Nicholas Fink.

Constellation Brands affirmed its fiscal year adjusted EPS guidance of $11.20 to $11.90, versus the $11.75 analyst estimate.

Constellation shares rose 0.1% to $136.95 in pre-market trading.

These analysts made changes to their price targets on Constellation following earnings announcement.

• Barclays analyst Lauren Lieberman maintained the stock with an Equal-Weight rating and lowered the price target from $170 to $139.
• Morgan Stanley analyst Dara Mohsenian maintained the stock with an Equal-Weight rating and lowered the price target from $183 to $158.
• Needham analyst Gerald Pascarelli reiterated Constellation Brands with a Buy and maintained a $185 price target.

Considering buying STZ stock? Here’s what analysts think:

Photo via Shutterstock