Constellation Brands: Better 1Q, But Recovery Debate Continues

研报英文原文证据摘录

Constellation Brands: Better 1Q, But Recovery Debate Continues

Deutsche Bank

Research

Rating Company Date

Hold Constellation Brands 1 July 2026

North America Reuters Bloomberg Rating Hold

United States STZ.N STZ US Price target (USD) 150.00 Price at 30 Jun 26 139.09

52-week range 176.09 – 127.65

Consumer

Consumer Staples Valuation & Risks

Better 1Q, But Recovery Debate Continues

Steve Powers

Key takeaways from STZ’s FY1Q27 results Research Analyst

+1-212-250-5480 As shown in Figure 2 below, STZ’s fiscal 1Q results were better than feared, as

strength in March more than offset weaker trends over the balance of April/May Christopher Barnes, CFA

in response to higher gas prices, adverse weather, and broader macro headwinds Research Analyst

on consumer demand. Thus far in fiscal 2Q, STZ noted it has seen a modest re- +1-212-454-0778

acceleration in demand (albeit not fully to March levels), as macro/inflationary

Nikhil Jain, CFA pressures began to ease and as the World Cup/live sporting events provided Research Associate

incremental consumption occasions. Ultimately, the company reaffirmed its +1-212-250-3253

outlook for the year, pleased with the better 1Q results but acknowledging

visibility on macro headwinds and consumer recovery, particularly within the Angeline Goh

Hispanic cohort, remains limited. From a profitability standpoint, beer Research Associate

+1-212-250-4515

gross/operating margins also finished ahead, aided by favorable fixed cost

absorption and cost savings. Near-term in fiscal 2Q/3Q, however, operating

margins will come under pressure as the company laps lower incentive comp in

the prior year, leans into marketing investment (behind the World Cup, and other Key changes

live sports), and brings the new Veracruz brewery online.