As previously reported, Morgan Stanley analyst Dara Mohsenian downgraded Constellation Brands to Equal Weight from Overweight, which he said is "mainly" due to the 36% rise in the stock from its January 9 low. However, to a lesser extent, the change in rating is due to an increasing risk of a potential beer demand slowdown this summer as the company laps successful innovation and strong results in the same period of last year, Mohsenian tells investors. Given that scanner data and industry feedback point to "subpar weather and just OK results" so far in the current quarter, he also sees modest risk to his 8% beer depletion forecast for the company's fiscal first quarter, the analyst added. Given the greater beer revenue risk he now sees, Mohsenian lowered his price target on Constellation shares to $220 from $230.