Constellation Brands price target lowered to $170 from $190 at Citi

Citi analyst Filippo Falorni lowered the firm’s price target on Constellation Brands (STZ) to $170 from $190 and keeps a Neutral rating on the shares ahead of the fiscal Q report on July 1. The firm believes buy-side expectations for Q1 beer depletions are in the down low-single-digit range based on client conversations in recent weeks. The market will question the sequential acceleration post Q1 despite easier comps given the continued weakness of the U.S. beer category, the analyst tells investors in a research note.