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Evercore ISI analyst Robert Ottenstein raised the firm's price target on Constellation Brands to $260 from $250 and keeps an Outperform rating on the shares. Modelo is the key driver behind the sustainability of the company's 7-9% medium-term beer business algorithm, said the firm. If Constellation can achieve 5-6% volume growth for the next 10 years, it would justify "something closer to a mid-20s P/E multiple," which equates to a price target "well over $300," the firm added.

Wells Fargo analyst Chris Carey raised the firm's price target on Constellation Brands to $250 from $240 and keeps an Overweight rating on the shares. The firm sees Constellation Brands responding favorably to better data, and raised its target on higher sales, upping EPS.

Barclays analyst Lauren Lieberman lowered the firm's price target on Constellation Brands to $278 from $288 and keeps an Overweight rating on the shares. The analyst says demand elasticity and a challenged consumer backdrop "sparked longer term questions around the runway for growth" out of Constellation's results.

Evercore ISI analyst Robert Ottenstein lowered the firm's price target on Constellation Brands to $250 from $285 and keeps an Outperform rating on the shares following the company's "disappointing" quarter and cautious commentary on FY24 beer margins and pricing. High-single digit top line growth continues to be his base case, but slowing trends for Modelo and economic pressures "raise some question marks if the firm can deliver" and he expects shares could tread water until investors are comfortable that Modelo has stabilized, Ottenstein said.

BMO Capital analyst Andrew Strelzik lowered the firm's price target on Constellation Brands to $265 from $290 but keeps an Outperform rating on the shares after its Q3 earnings miss. Shares will likely will be limited by consumer spending concerns and margin expectations in the near term, but the pullback in the stock creates a compelling entry point with asymmetric risk/reward as the company's underlying fundamentals are unchanged, the analyst tells investors in a research note.

Truist analyst William Chappell lowered the firm's price target on Constellation Brands to $215 from $245 and keeps a Hold rating on the shares after its Q3 earnings miss and lowered guidance. Cost headwinds are also worse than expected and the company has lowered its expectations for beer margins in FY24, the analyst tells investors in a research note. Chappell adds that Constellation Brands investors are skeptical for the time being and will be closely watching the scanner data over the next few months.