Constellation Brands price target lowered to $250 from $285 at Evercore ISI

Evercore ISI analyst Robert Ottenstein lowered the firm’s price target on Constellation Brands to $250 from $285 and keeps an Outperform rating on the shares following the company’s "disappointing" quarter and cautious commentary on FY24 beer margins and pricing. High-single digit top line growth continues to be his base case, but slowing trends for Modelo and economic pressures "raise some question marks if the firm can deliver" and he expects shares could tread water until investors are comfortable that Modelo has stabilized, Ottenstein said.