Constellation Brands Likely Poised for Fiscal Q1 Earnings Miss, Morgan Stanley Says

MT Newswires Live06-04

Constellation Brands' (STZ) fiscal Q1 earnings are likely to miss market expectations amid lower beer shipments and margins, as well as lower wine and spirits sales and operating income, Morgan Stanley said in a note to clients Monday.

The investment firm expects the beer and wine company to post EPS of $3.31, below the $3.48 Visible Alpha consensus estimate.

Morgan Stanley reduced its fiscal Q1 beer shipment outlook to 6.5% from 8%, compared with the 7% consensus due to its lower depletion forecast, which is now pegged at 5.5% versus 7.8% previously, according to the note.

Morgan Stanley expects Constellation Brands to reiterate its fiscal 2025 adjusted EPS outlook of $13.50 to $13.80.

The firm said that although it still likes the stock long term, it sees the short-term situation as "more nuanced here, with potentially lingering weaker consumer spending on beverages and the beer segment, including STZ, and difficult upcoming summer comparisons in scanner data," according to the note.

Morgan Stanley has an overweight rating on the Constellation Brands stock despite the lack of near-term catalysts, with a $305 price target.

Price: 247.83, Change: -2.40, Percent Change: -0.96

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