Jefferies downgraded Constellation Brands (STZ) to Hold from Buy with a price target of $154, down from $170. In July, the firm believed the selloff in shares went too far with easier comps leading to better visibility ,but Hispanic consumer fears are more prolonged than the firm had previously thought, which will weigh on top-line results regardless of the strength of the brands, the analyst tells investors in a research note. Jefferies further contends that the current fundamentals lack support for an inflection.
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