Strong 1Q, But Ongoing Volatility Informs Unchanged Outlook

研报英文原文证据摘录

Strong 1Q, But Ongoing Volatility Informs Unchanged Outlook

Alcoholic Beverages

Constellation Brands

TD SECURITIES (USA) LLC EARNINGS UPDATE

July 1, 2026

Price: $136.88 (07/1/2026) Strong 1Q, But Ongoing Volatility Informs

Price Target: $174.00 Unchanged Outlook

BUY (1)

Seamus Cassidy THE TD COWEN INSIGHT

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STZ delivered a solid 1Q beat but reiterated FY27 guidance, citing continued volatility in

seamus.cassidy@tdsecurities.com

consumer demand and limited visibility. While management's caution appears reasonable

Robert Moskow given the sharp month-to-month swings during fiscal 1Q, improving June data, accelerating

646 562 1474 share gains, and stabilizing Hispanic consumption trends suggest potential upside to

robert.moskow@tdsecurities.com

guidance if recent momentum proves sustainable.

Victor Ma

646 562 1306 Guidance Reiterated Due To Volatile Consumer Backdrop

victor.ma2@tdsecurities.com

Despite Beer sales growth of +2.2% in 1Q, mgmt maintained its FY27 Beer net sales outlook

Jacob Henry, CFA of -1% to +1%. Management noted the quarter began with a strong March, but demand

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softened through April and May as gas prices surged 50%+ nationally, pressuring discretionary

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spending. While management indicated trends modestly re-accelerated into June as some of

Key Data these headwinds eased, they cited ongoing volatility, continued pressure on the consumer,

Symbol NYSE: STZ and limited visibility into the operating environment as reasons for leaving guidance

Beta: 0.38 unchanged.

52-Week Range: $176.09-$127.65

World Cup Tailwinds Tough to Quantify, But Recovery Appears Broad-Based

Market Cap: $23.5B

Net Debt (MM): $10,437.2 Management highlighted the FIFA World Cup as a favorable backdrop for beer consumption,