Dernières nouvelles pour Constellation Brands (NYSE:STZ) Stock

Constellation Brands

Constellation Brands is the largest provider of alcoholic beverages across the beer, wine, and spirits categories in the us, generating 82% of revenue from Mexican beer imports under top-selling brands such as Modelo and Corona. The rest of the business includes some remaining wine and spirits brands, categories where the company continue to prune assets in recent years. With its exclusive rights tied to the Mexican beer brands effective only in the us, the firm has little revenue exposure to international markets. Constellation owns a 26% stake in no-moat Canopy Growth, a medicinal and recreational cannabis producer in Canada, and has a 50/50 joint venture with glass manufacturer Owens-Illinois in Mexico.

Constellation Brands Inc

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American beer drinkers could see some of their favorite beverages cost more in the coming years if President-elect Donald Trump's plan to place a 25% tariff on Mexican<a href="https://www.benzinga.com/24/11/42178994/trump-says-he-will-impose-25-tariffs-on-canada-mexico-on-first-day-of-office-and-extra-tariffs-on-china-until-they-pay-attention"> imports goes through.</a>
What Happened: Trump has promised to put tariffs on countries like China, Mexico and Canada when he is inaugurated as president in January, a move that has <a href="https://www.benzinga.com/24/11/42216863/nvidia-intel-suppliers-rethink-mexico-operations-amid-trumps-tariff-threat">several sectors on high alert </a>as they brace for the impact and likely pass the higher costs onto consumers.
One of the companies that could feel the brunt of the 25% tariff on Mexican imports is Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>), an alcohol company that holds the exclusive U.S license for several of the top imported beer brands in America.
Constellation imports brands like Modelo, Corona and Pacifico from Mexico where they are brewed by Grupo Modelo, which is a unit of Anheuser-Busch InBev SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUD#NYSE">BUD</a>).
Data from Statista lists Modelo as the top imported beer in the United States for 2024, with Corona ranking second on the list. Heineken and Dos Equis XX, which are imported by Heineken USA, a unit of Heineken NV (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HEINY#OTC">HEINY</a>), rank third and fourth on the list respectively. Dos Equis is manufactured in Mexico and imported to the U.S.
Modelo is the top-selling beer in America, as <a href="https://www.usatoday.com/story/money/2024/04/06/national-beer-day-2024-history-facts-sales/73225409007/">reported </a>by USA Today. The beer<a href="https://www.benzinga.com/news/23/06/32865676/bud-light-boycott-impact-king-of-beers-owner-dethroned-as-top-selling-u-s-beer-brand"> passed Bud Light </a>for the crown in May 2023 and has maintained the market share lead. Corona Extra is the fifth bestselling beer in the U.S. according to the report, giving Constellation two of the top five bestselling beers in the U.S.
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Why It's Important: Constellation shares fell earlier this week on news of the tariff, which could have a big impact on the company's beer division.
The beer company manufactures all of its beer in Mexico, as <a href="https://www.cnbc.com/2024/11/26/trump-tariff-modelo-corona-constellation-brands.html">reported </a>by CNBC. Beer made up 86% of the company's revenue for the first half of 2024.
A 25% tariff on Mexican imports could raise Constellation's cost of goods sold by around 16%, according to Wells Fargo analyst Chris Carey.
Analysts expect Constellation to raise prices to offset the impact from the tariffs.
While other companies could opt to move manufacturing to the U.S. to offset the impact of the tariffs, Constellation might be stuck. The company has to produce beer brands like Modelo and Corona where AB InBev makes them, as part of an antitrust settlement between the U.S. Department of Justice, AB InBev and Grupo Modelo.
Trump previously proposed a 5% tariff on Mexican imports with plans to raise the amount to 25%, but those tariffs were not put in place previously according to the report.
Mexican President Claudia Sheinbaum suggested tariffs <a href="https://www.benzinga.com/news/global/24/11/42198583/will-trump-lead-us-into-trade-war-with-mexico-president-claudia-sheinbaum-rebukes-threats">on American goods</a> imported to Mexico in response to Trump's plan.
"One tariff will be followed by another in response, and so on until we put common companies at risk," Sheinbaum said.
Sheinbaum <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42219612/usmexico-trade-tensions-escalate-as-mexican-peso-hits-august-2022-lows-why-is-auto-industry-most-at-risk">highlighted American automakers</a> in her comments.
The comments from Trump and Sheinbaum could see tensions escalate between the U.S. and Mexico and a potential trade war taking place.
Consumers would likely be the losers in such a battle and drinking beers that come from Mexico will likely cost Americans more in the coming months.
STZ Price Action: Constellation Brands stock is up 1.17% to $236.57 on Wednesday versus a 52-week trading range of $224.76 to $274.87. Constellation stock is down 3% year-to-date in 2024.
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Photo: 8th.creator via Shutterstock

Politics

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Trading Ideas

HEINY

Trump Tariffs On Mexico Could Affect Beer: Why Your Modelo, Corona Could Cost More Next Year

Wells Fargo analyst Chris Carey maintains Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) with a Overweight and lowers the price target from $300 to $295.

News

Price Target

Analyst Ratings

Wells Fargo Maintains Overweight on Constellation Brands, Lowers Price Target to $295

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/585aa876b5a482000151d0ee/kevin-grundy">Exane BNP Paribas analyst Kevin Grundy</a> initiated coverage on Constellation Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) with a Neutral rating and announced a price target of $261. Constellation Brands shares closed at $239.66 on Friday. <a href="https://www.benzinga.com/quote/STZ/analyst-ratings">See how other analysts view this stock.</a></li>
<li>TD Cowen analyst Joseph Thome initiated coverage on Viridian Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRDN#NASDAQ">VRDN</a>) with a Buy rating. Viridian Therapeutics shares closed at $20.20 on Friday. <a href="https://www.benzinga.com/quote/VRDN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Canaccord Genuity analyst Edward Nash initiated coverage on Apogee Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APGE#NASDAQ">APGE</a>) with a Buy rating and announced a price target of $89. Apogee Therapeutics shares closed at $43.46 on Friday. <a href="https://www.benzinga.com/quote/APGE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>UBS analyst Timothy Arcuri initiated coverage on Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) with a Buy rating and announced a price target of $160. ARM shares closed at $135.99 on Friday. <a href="https://www.benzinga.com/quote/ARM/analyst-ratings">See how other analysts view this stock.</a></li>
<li>HC Wainwright &amp; Co. analyst Mitchell Kapoor initiated coverage on Sarepta Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>) with a Sell rating and announced a price target of $80. Sarepta Therapeutics shares closed at $114.23 on Friday. <a href="https://www.benzinga.com/quote/srpt/analyst-ratings">See how other analysts view this stock.</a></li>
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Initiation

Pre-Market Outlook

Markets

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This Sarepta Therapeutics Analyst Begins Coverage On A Bearish Note; Here Are Top 5 Initiations For Monday

Exane BNP Paribas analyst Kevin Grundy initiates coverage on Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) with a Neutral rating and announces Price Target of $261.

Exane BNP Paribas Initiates Coverage On Constellation Brands with Neutral Rating, Announces Price Target of $261

RBC Capital analyst Nik Modi reiterates Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) with a Outperform and maintains $308 price target.

Reiteration

RBC Capital Reiterates Outperform on Constellation Brands, Maintains $308 Price Target

Insider Trades

Constellation Brands Director Richard Sands Sells 59,637 Shares At Average Price Of $240.38, Totaling $14.34M

Donald Trump&#8216;s 2024 presidential election win put several sectors in the spotlight, <a href="https://www.benzinga.com/topic/alcohol">including alcohol stocks.</a>
What Happened: Some people watched the outcome of <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">election night</a> on television from their home. Others likely scrolled along with social media on their phone. Some attended watch parties with friends and families, similar to a Super Bowl party or one for <a href="https://www.benzinga.com/top-stories/24/08/40610039/are-nvidia-earnings-wall-streets-super-bowl-super-bulls-arrange-watch-parties-in-new-york-city">Nvidia's quarterly earnings.</a> 
Regardless of who voters wanted to win — Trump or Kamala Harris — they may have bought more alcohol for Election Day this year, at least in New York, with liquor stores reporting a busy day.
One liquor store <a href="https://nypost.com/2024/11/06/us-news/nyc-liquor-stores-were-crazy-busy-on-election-night-workers-say-weve-been-spending-hours-just-restocking/">told </a>the New York Post they were three to four times busier than a regular weekday on Election Day with heavy sales coming in the early afternoon and around 5 p.m. ET. An employee from Brooklyn's Juice Box liquor store told the Post there was also a noticeable trend from many customers.
"People were buying sparkling wine and a bottle of liquor for both (outcomes)," the employee said.
Employees from other New York stores noticed the same trend. Customers were either buying one type of alcohol for a happy outcome or one for a negative outcome.
"I have no idea if people will be drowning their sorrows or celebrating," the Juice Box employee added.
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Why It's Important: While it is only one day of the year, Election Day 2024 could provide a short bump for alcohol stocks like Diageo Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) and Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>). Beer stocks like Anheuser-Busch InBev (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUD#NYSE">BUD</a>), Boston Beer Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAM#NYSE">SAM</a>) and Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>) may have also benefitted from Election Day.
Alcohol may be a coping or celebratory item for Election Day in the U.S., but in India the country <a href="https://timesofindia.indiatimes.com/world/us/us-election-2024-does-america-have-dry-days-like-india-during-election-season/articleshow/114945854.cms">has </a>dry days of no alcohol around their elections with residents unable to drink for 48 hours before the vote, on election day or as the vote is being totaled.
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Image: Shutterstock

Alcohol Stocks To Get A Boost From 2024 Election? Busy Liquor Stores Say Voters 'Drowning Their Sorrows Or Celebrating'

BMO Capital analyst Andrew Strelzik maintains Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) with a Outperform and lowers the price target from $315 to $305.

BMO Capital Maintains Outperform on Constellation Brands, Lowers Price Target to $305

General

Constellation Brands shares are trading lower after TD Cowen downgraded the stock from Buy to Hold and lowered its price target from $300 to $270.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59e506f2efacff00010f9abb/saul-martinez">HSBC analyst Saul Martinez</a> downgraded the rating for American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) from Buy to Hold. American Express shares fell 0.8% to close at $273.79 on Monday. <a href="https://www.benzinga.com/quote/AXP/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keybanc analyst John Vinh downgraded the rating for QUALCOMM Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) from Overweight to Sector Weight. Qualcomm shares fell 1.2% to close at $166.94 on Monday. <a href="https://www.benzinga.com/quote/QCOM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/580f253b846faa000139ba71/robert-moskow">TD Cowen analyst Robert Moskow </a>downgraded Constellation Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) from Buy to Hold and slashed the price target from $300 to $270. Constellation shares fell 1.5% to close at $243.07 on Monday. <a href="https://www.benzinga.com/quote/STZ/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wolfe Research analyst Nigel Coe downgraded Otis Worldwide Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OTIS#NYSE">OTIS</a>) from Outperform to Peer Perform. Otis Worldwide shares fell 0.5% to close at $104.02 on Monday. <a href="https://www.benzinga.com/quote/OTIS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keybanc analyst John Vinh downgraded the rating for Synaptics Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYNA#NASDAQ">SYNA</a>) from Overweight to Sector Weight. Synaptics shares fell 0.4% to close at $76.06 on Monday. <a href="https://www.benzinga.com/quote/SYNA/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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Downgrades

OTIS

QCOM

SYNA

This Qualcomm Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Tuesday

TD Cowen analyst Robert Moskow downgrades Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) from Buy to Hold and lowers the price target from $300 to $270.

TD Cowen Downgrades Constellation Brands to Hold, Lowers Price Target to $270

Barclays analyst Lauren Lieberman maintains Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) with a Overweight and lowers the price target from $309 to $300.

Barclays Maintains Overweight on Constellation Brands, Lowers Price Target to $300

Wall Street started the week in the red, as traders weighed the economic and geopolitical fallout from escalating tensions in the Middle East. 
Monday marked the one-year anniversary of Hamas&#8217; October 7 attack, which triggered the <a href="https://www.benzinga.com/etfs/specialty-etfs/24/10/41210761/oil-surges-on-1-year-hamas-attack-anniversary-as-israel-mulls-iran-retaliation">ongoing war in Gaza</a>. The situation is now threatening to spread across the region, as Israel considers retaliating for last week&#8217;s missile attacks from Iran.
By 1 p.m. ET, the major indices were modestly lower, with the S&amp;P 500 down 0.5% and the Dow Jones off by 0.7%. The Nasdaq 100 also slid 0.5%. The energy sector was the only bright spot, buoyed by surging oil prices.
West Texas Intermediate (WTI) crude, as tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), jumped over 3%, climbing to $77 per barrel. This rally marked its fifth consecutive session of gains, fueled by concerns that Israel may retaliate against Iran, a key oil producer, for its involvement in regional conflicts.
Last week&#8217;s blowout U.S. labor market data, coupled with rising oil prices and fresh stimulus measures out of China, pushed 10-year Treasury yields above 4%, setting the stage for the highest levels since late July. Investors appear increasingly wary of long-duration bonds, sending the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down 0.6%, extending its losing streak to four sessions.
Market sentiment around the Federal Reserve&#8217;s upcoming policy decisions has also shifted. The probability of the Fed refraining from cutting interest rates next month has dropped to just 17%, according to CME FedWatch Tool, 
Rising yields weighed heavily on metals, with gold down 0.4% to $2,645 per ounce and silver dropping 1.3%. Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) gained 1.4%, trading at $63,682. 
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg %</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,724.31</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,930.58</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,059.07</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,191.35</td>
<td>-0.8%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100724&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;edged down 0.5% to $570.38.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.7% to $420.90.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.5% to $485.21.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tumbled 0.8% to $218.77.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 0.8%. The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 1.7%.</li>
</ul>
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) rallied 14% after the company announced it is currently shipping more than 100,000 graphics processors per quarter and unveiled a new suite of liquid cooling products.</li>
<li>Everest Group Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EG#NYSE">EG</a>) plummeted over 8% after Morgan Stanley lowered its price target on the stock from $450 to $430.</li>
<li>Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) fell nearly 2% after Bank of America downgraded the stock from Outperform to Neutral and lowered the price target from $300 to $255. </li>
<li>Bank of America also downgraded several healthcare stocks including Concentra Group Holding Parent Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CON#NYSE">CON</a>), down 4.6%; AMN Healthcare Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMN#NYSE">AMN</a>), down 1.9%; Brookdale Senior Living (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKD#NYSE">BKD</a>), down 6% and U.S. Physical Therapy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USPH#NYSE">USPH</a>), down 2.5%.</li>
</ul>
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Image was created using artificial intelligence.

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Stocks Fall As Oil Prices Spike, 10-Year Yields Top 4%, Energy Sector Outperforms: What's Driving Markets Monday?

Last week, Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) reported second-quarter adjusted earnings per share of $4.32, beating the analyst consensus of $4.08. Quarterly revenues of $2.92 billion beat the <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41164877/constellation-brands-beats-on-q2-earnings-beer-business-achieved-solid-mid-single-digit-sales-growt" rel="noreferrer noopener">street view of $2.90 billion</a>.
The company reported a loss per share of $6.59, including a $2.25 billion non-cash goodwill impairment loss for the Wine and Spirits business.
BofA Securities downgraded Constellation Brands, reflecting lowered calendar year 2025 estimates amid slower beer volume growth.
The analyst writes, &#8220;We pause to consider that slower growth reflects more than just the macroeconomic environment.&#8221;
The analyst downgraded Constellation Brands to Neutral from Buy and lowered the price target <a target="_blank" href="https://www.benzinga.com/quote/STZ/analyst-ratings" rel="noreferrer noopener">to $255 from $300</a>.
The lowered Neutral rating reflects that volumes are expected to remain subdued for the rest of the year. Much of this outlook is already factored into the price, and aside from opportunistic trades driven by weekly data, the analyst expects the stock to stay within a limited range for some time.
BofA Securities highlights its proprietary beer depletion analysis, accurately reflecting challenging year-ago comparisons and a softer consumer environment.
The BofA analyst has kept the fiscal year 2025 EPS estimate unchanged at $13.77. However, the sales growth forecasts for fiscal years 2026 and 2027 have been adjusted from 8% to 7%, reflecting the lower end of Constellation Brands&#8217; beer growth expectations.
This revision stems from the lack of clear catalysts or data suggesting a potential acceleration in beer sales toward the mid or high-end of their growth model. As a result, the analyst slightly lowered the EPS projections for fiscal 2026 to $15.19 and for fiscal 2027 to $16.83.
Price Action: STZ stock is down 1.9% at $242.00 at last check Monday.
Photo: T. Schneider via Shutterstock
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Analyst Color

Large Cap

Constellation Brands Downgraded Amid Subdued Beer Volume Growth Projections

Constellation Brands (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stz#NYSE">STZ</a>) issued a mixed August quarter results lasy week, posting better than expected earnings as it continues to navigate a tough market.
<h3>Highlights Of The Second Quarter Of Fiscal 2025</h3>
Fueled by strong demand for its beer brands, especially Corona and Modelo, Constellation&nbsp;Brands reported net sales grew by 3% YoY to $2.92 billion.
Sales revenues increased by 6%&nbsp;while shipments&nbsp;grew by 4.6%.
Having already issued an alarm for its declining wines and spirits business whose sales dropped 12% to&nbsp;$388.7 million, Constellation reported a $2.5 billion write down. Wine and spirits were dragged down by a&nbsp;9.8% drop in shipment volumes.&nbsp;The division&rsquo;s operating income contracted 13% YoY to&nbsp;$70.5 million.
For the quarter ended on August 31st,&nbsp;adjusted earnings per share amounted to $4.32, surpassing&nbsp;LSEG&rsquo;s average estimate of $4.08.
Constellation can rely on its beer brands.
Beers have been the driver of Constellations&rsquo; success even before the pandemic lockdowns. Even in the post-pandemic era, consumers are turning to them, but doing so, they are also&nbsp;leaving behind wines and spirits. The latest quarter shows that Constellation continues to benefit from premium prices. While the industry continues being cautious in an uncertain macroeconomic environment, Constellation&rsquo;s beers were the biggest gainers for the twelfth successive quarter.
Yet, demand for spirits continues to fall.&nbsp;
But CEO Bill Newlands admitted the challenging macroeconomic backdrop has weighed on demand for beverage alcohol. Constellation gudied for full-year net sales growth between 4% and 6%, while expecting beer sales to go up from 6% to 8% and wine and spirits sales dropping 4% to 6%.
On the other hand, the wner of Guiness and Johnnie Walker, Diageo, is optimistic about spirits growth returning in the future. Diageo CEO Debra Crew believes that alcohol sales growth will return with the improving consumer environment. There&rsquo;s also increasing support from A list celebrities who are lending their influence to liquor brands. Among celebrities helping liquor brands become big businesses are Matthew McConaghew launched an organic tequilla brand, while Ryan Reynlods became a co-owner of Aviation Gin that was scooped up by Diageo in 2020, with George Clooney leading the way back in 2013 by co-founding Casamigos Tequilla, that was also sold to Diageo. But the reality is that Diageo plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/deo#NYSE">DEO</a>) posted bleak quarterly results in September, reflecting a weak macroenvironment in North America. After another lacluster quarter for wine and spirits, Constellation is expecting a &lsquo;sequential&rsquo; improvement over the second half of fiscal 2025.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Constellation Brands' Latest Quarter Shows Wine And Spirits Business Continue To Fall From Glory

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Evercore ISI Group raised the price target for Air Products and Chemicals, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APD#NYSE">APD</a>) from $305 to $365. Evercore ISI Group analyst Stephen Richardson upgraded the stock from In-Line to Outperform. Air Products shares fell 0.1% to close at $285.50 on Friday. <a href="https://www.benzinga.com/quote/apd/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Truist Securities raised the price target for Quest Diagnostics Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>) from $158 to $165. Truist Securities analyst David Macdonald maintained a Hold rating. Quest Diagnostics shares fell 0.4% to close at $150.79 on Friday. <a href="https://www.benzinga.com/quote/DGX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>BMO Capital raised The Chemours Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CC#NYSE">CC</a>) price target from $30 to $32. BMO Capital analyst John McNulty maintained an Outperform rating. Chemours shares gained 1.8% to close at $19.57 on Friday. <a href="https://www.benzinga.com/quote/CC/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler cut Domino&#8217;s Pizza, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) price target from $436 to $429. Piper Sandler analyst Brian Mullan maintained a Neutral rating. Domino&#8217;s shares gained 1.1% to close at $425.31 on Friday. <a href="https://www.benzinga.com/quote/DPZ/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities slashed Constellation Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) price target from $300 to $255. B of A Securities analyst Bryan Spillane downgraded the stock from Buy to Neutral. Constellation shares gained 1.2% to close at $246.67 on Friday. <a href="https://www.benzinga.com/quote/STZ/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Bernstein cut the price target for The Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>) from $230 to $205. Bernstein analyst Alexia Howard downgraded the stock from Outperform to Market Perform. Hershey rose 0.5% to close at $191.84 on Friday. <a href="https://www.benzinga.com/quote/HSY/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Needham raised Payoneer Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAYO#NASDAQ">PAYO</a>) price target from $9 to $10. Needham analyst Mayank Tandon maintained a Buy rating. Payoneer Global shares gained 0.5% to close at $7.71 on Friday. <a href="https://www.benzinga.com/quote/PAYO/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>HC Wainwright &amp; Co. raised the price target for BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>) from $113 to $150. HC Wainwright &amp; Co. analyst Robert Burns maintained a Buy rating. BioNTech shares gained 2.4% to close at $122.68 on Friday. <a href="https://www.benzinga.com/quote/BNTX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Macquarie raised PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) price target from $126 to $224. Macquarie analyst Ellie Jiang upgraded the stock from Neutral to Outperform. PDD shares gained 1.1% to close at $154.27 on Friday. <a href="https://www.benzinga.com/quote/PDD/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Truist Securities boosted Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) price target from $88 to $99. Truist Securities analyst Youssef Squali maintained a Buy rating. Uber shares gained 1.8% to close at $74.28 on Friday. <a href="https://www.benzinga.com/quote/UBER/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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UBER

Uber To Rally Over 33%? Here Are 10 Top Analyst Forecasts For Monday

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58d11d3db85e93000188d7b6/alexia-howard">Bernstein analyst Alexia Howard</a> downgraded the rating for The Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>) from Outperform to Market Perform and lowered the price target from $230 to $205. Hershey shares gained 0.5% to close at $191.84 on Friday. <a href="https://www.benzinga.com/quote/HSY/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keybanc analyst Aleksey Yefremov downgraded the rating for Celanese Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CE#NYSE">CE</a>) from Overweight to Sector Weight. Celanese shares gained 2.1% to close at $136.67 on Friday. <a href="https://www.benzinga.com/quote/CE/analyst-ratings">See how other analysts view this stock</a>.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/586e4053351b9b00018bee9e/kannan-venkateshwar">Barclays analyst Kannan Venkateshwar </a>downgraded the rating for Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) from Equal-Weight to Underweight and maintained the price target of $550. Netflix shares gained 1.8% to close at $719.70 on Friday. <a href="https://www.benzinga.com/quote/NFLX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities analyst Bryan Spillane downgraded Constellation Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) from Buy to Neutral and slashed the price target from $300 to $255. Constellation shares gained 1.2% to close at $246.67 on Friday. <a href="https://www.benzinga.com/quote/STZ/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Evercore ISI Group analyst Ross Muken downgraded the rating for Charles River Laboratories International, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>) from Outperform to In-Line and cut the price target from $225 to $190. Charles River shares gained 0.6% to close at $190.74 on Friday. <a href="https://www.benzinga.com/quote/CRL/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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NFLX

This Netflix Analyst Turns Bearish; Here Are Top 5 Downgrades For Monday

B of A Securities analyst Bryan Spillane downgrades Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) from Buy to Neutral and lowers the price target from $300 to $255.

B of A Securities Downgrades Constellation Brands to Neutral, Lowers Price Target to $255

JP Morgan analyst Andrea Teixeira maintains Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) with a Overweight and lowers the price target from $307 to $293.

JP Morgan Maintains Overweight on Constellation Brands, Lowers Price Target to $293

Constellation Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) announced <a href="https://www.benzinga.com/news/earnings/24/10/41164877/constellation-brands-beats-on-q2-earnings-beer-business-achieved-solid-mid-single-digit-sales-growt">upbeat earnings for its second quarter on Thursday</a>.
The company reported its results amid an <a href="https://www.benzinga.com/earnings">exciting earnings season</a>. Here are some key analyst takeaways.
<h1 class="wp-block-heading">Truist Securities On Constellation Brands</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59e8ba80efacff0001417468/patrick-scholes">Analyst Bill Chappell</a> reiterated a Hold rating, while reducing the price target from $265 to $255.
Constellation Brands reported net sales of $2.919 billion, slightly missing the consensus of $2.946 billion, while its adjusted earnings (ex-Canopy) came in at $4.32 per share, beating the Street's $4.08 per share expectation, Chappell said in a note. "The company also maintained the FY25 Sales and adj. EPS guidance it issued in early September," he added.
Corona Extra's sales contracted by 3% in the quarter, the analyst stated. "Now that the peak summer season is over, it will likely take 6-9 months before we see if its efforts to revive the brand bear fruit," he further wrote.
<h1 class="wp-block-heading">RBC Capital Markets On Constellation Brands</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/589dc34043eaaa000122c5a2/nik-modi">Analyst Nik Modi</a> maintained an Outperform rating and price target of $308.
Beer depletions of 2.4% missed consensus of 3.7% due to "macro pressures and category sluggishness," Modi said. He added, however, that Constellation Brands still managed to deliver "best in class volume growth."
Channel checks suggest a strong beginning to the third quarter and September depletions are estimated to be up around 6%, the analyst stated. "We believe the biggest point of contention is in the back half guidance implying an acceleration of Beer depletions and W&amp;S (Wine &amp; Spirits) improvement," he further wrote.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
<h1 class="wp-block-heading">Goldman Sachs On Constellation Brands</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58aed4dcb85e9300013bf4da/bonnie-herzog">Analyst Bonnie Herzog</a> reaffirmed a Buy rating and price target of $300.
The stock pullback following the release of results was partly triggered by "investor concerns about softer-than-expected FQ2 depletions in core beer brands (+5% Modelo Especial and -3% Corona Extra)," Herzog said. 
The company could face "outsized pressures" in the third quarter due to "slower beer shipment volume growth and stepped-up marketing investments behind beer," he added.
There is also skepticism about Constellation Brands achieving mid-single-digit depletions in the back half, "given macro pressures impacting STZ's core Hispanic consumer (esp high unemployment in STZ's top 5 states: CA, TX, FL, NY, IL)," the analyst stated. 
"While one can debate the impact and timing of macro trends improving, what is encouraging in our view is that nothing we heard today suggests any fundamental weakness in STZ's beer brands or the long-term opportunity," he further wrote.
<h1 class="wp-block-heading">Roth Capital Partners On Constellation Brands</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e00db2d3513fb0001f048a6/bill-kirk">Analyst Bill Kirk</a> maintained a Buy rating and price target of $298.
Beer depletions are likely to reaccelerate in the back half and shipments should be "strong enough" for the company to deliver on its fiscal 2025 guidance, Kirk said. Trends have already improved from the summer levels, he added.
"Meanwhile, Beer profitability remains strong and Wine &amp; Spirits perception is below financial contribution ($564mn carrying value for annual EBITDA of ~$400mn)," the analyst further stated.
STZ Price Action: Shares of Constellation Brands had risen by 0.63% to $245.21 at the time of publication on Friday.
Read More: • <a href="https://www.benzinga.com/news/global/24/10/41148694/beer-shortage-ahead-3-products-that-will-be-most-impacted-by-port-strike">Beer Shortage Ahead? 3 Products That Will Be Most Impacted By Port Strike</a>
Photo: T. Schneider via Shutterstock

Earnings Beats

Movers

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Wells Fargo Reaffirms Their Buy Rating on Constellation Brands (STZ)

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Press Releases

Ascend Wellness Holdings Announces Appointment of Julie Francis to Board of Directors

Constellation Brands to Report First Quarter Fiscal 2025 Financial Results;  Host Conference Call July 3, 2024

TOPIKOS Spirit & Beverage Co. announces partnership with Constellation Brands Inc., expanding its portfolio with premium offerings

Earnings

Constellation Brands Reports First Quarter Fiscal 2025 Financial Results

Constellation Brands to Present at the 2024 Barclays Global Consumer Staples Conference on Tuesday, September 3, 2024

Constellation Brands to Report Second Quarter Fiscal 2025 Financial Results;  Host Conference Call October 3, 2024

Constellation Brands Updates Fiscal 2025 Outlook

Constellation Brands Reports Second Quarter Fiscal 2025 Financial Results

Management

Constellation Brands Appoints E. Yuri Hermida as New EVP, Chief Growth & Strategy Officer

Constellation Brands to Present at the 2024 Morgan Stanley Global Consumer and Retail Conference on December 3, 2024

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