UBS lowered the firm’s price target on Constellation Brands (STZ) to $265 from $288 and keeps a Buy rating on the shares ahead of quarterly results. The firm has adjusted its underlying assumptions to reflect recent performance in the tracked data, but its Q3 and FY25 EPS estimates are unchanged at $3.24 and $13.67, respectively. Heading into earnings, UBS does not think the print itself will meaningfully alter any debate and as such does not view the event as a significant catalyst in either direction. While the firm recognizes investors are likely to take a wait and see approach, it does not think much is priced in/expected from the print based on current valuation and believes the risk/reward continues to skew to the upside from here.
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