0838 ET - Citi downgrades Constellation Brands to neutral from buy, saying the beer, wine and liquor maker faces too many external headwinds. Citi's Filippo Falorni and Jonmichael Shekian say they believe a recent beer topline slowdown could linger with Hispanic consumer weakness, a soft U.S. beer category and looming tariff risks. Citi says that while Constellation has delivered strong beer growth since the 2014 acquisition of its Mexican beer portfolio, depletions have slowed to 2.8% growth over the last two quarters and could fall 2% in F4Q25, which could be the first negative number since the acquisition. Citi slashes its price target on Constellation to $200 from $260. Constellation down 1% premarket to $176.96. (colin.kellaher@wsj.com)
(END) Dow Jones Newswires
March 20, 2025 08:38 ET (12:38 GMT)
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