Jefferies analyst Kevin Grundy says his beer portfolio deep dive by brand points to ~6%-7% volume growth over the next five years for Constellation Brands, which he believes supports consensus estimates and the company's high-single-digit percentage sales outlook. While skepticism has grown regarding Constellation's growth sustainability, the analysis should help investors find greater comfort in its outlook, Grundy tells investors in a research note. He believes the company's risk/reward "remains compelling" and keeps a Buy rating on the shares. The analyst lowered his price target for Constellation Brands to $270 from $274.