Constellation Brands price target lowered to $220 from $280 at Morgan Stanley

Morgan Stanley analyst Dara Mohsenian lowered the firm’s price target on Constellation Brands (STZ) to $220 from $280 and keeps an Overweight rating on the shares. Beer depletion growth is under pressure from weaker consumer spending, notes the analyst, who is cutting forecasts both for FY25 and also longer-term following weak Q3 beer depletions and worse implied Q4 guidance.