Constellation Brands downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Robert Moskow downgraded Constellation Brands to Hold from Buy with a price target of $270, down from $300. The firm continues to “admire” Constellation’s effective marketing and views its Mexican imports as well positioned to capitalize on U.S. demographic trends. However, the decelerating pace of the company’s growth in fiscal 2025 demonstrates its correlation to broader pressures in beer and suggests risk to fiscal 2026 estimates, the analyst tells investors in a research note. TD says the catalyst for positive valuation re-rating is “unclear.”