Constellation Brands Inc: Quick Comment: F1Q Beat Driven By Beer Shipments and Margins; Reiterated FY27 Guidance

研报英文原文证据摘录

Constellation Brands Inc: Quick Comment: F1Q Beat Driven By Beer Shipments and Margins; Reiterated FY27 Guidance

Update

July 1, 2026 12:11 AM GMT

Morgan Stanley & Co. LLCMConstellation Brands Inc | North America Dara Mohsenian, CFA

Equity Analyst

Quick Comment: F1Q Beat Dara.Mohsenian@morganstanley.comEric A Serotta, CFA +1 212 761-6575

Eric.Serotta@morganstanley.com +1 212 761-2370

Driven By Beer Shipments and Patty Kanada, CFA

Patty.Kanada@morganstanley.com +1 212 761-1019

Margins; Reiterated FY27 Kenneth Tan

Research Associate

Kenneth.Tan@morganstanley.com +1 212 761-4954

Guidance Josh Haubenstock

Josh.Haubenstock@morganstanley.com +1 212 761-1059

Reaction to earnings

Constellation Brands Inc (STZ.N, STZ UN)

Unchanged Meaningful upside Largely unchanged

Beverages | United States of America

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View Attractive

Price target $183.00

Shr price, close (Jun 30, 2026) $139.09

F1Q Beat and Reiterated Guidance: We expect a positive stock reaction to STZ's Mkt cap, curr (mm) $24,070

F1Q beat and reiterated FY27 guidance. STZ reported F1Q27 comparable EPS of 52-Week Range $178.08-126.45

$3.43, above the $3.20/$3.19 VA/SA consensus, with a 2%/4%/5% sales/GP/OP beat

vs consensus. Beer depletions declined -0.3%, roughly in-line with consensus of -

0.2% (which had come down over the past month), and market expectations of flat

to down -1%. Beer shipments increased +1.8%, outpacing depletions, reflecting

seasonal inventory build and some sell-in ahead of the World Cup, with STZ likely

still planning to ship to depletions for the year. STZ reiterated FY27 guidance, with