Citi maintains a "Buy" rating on Constellation Brands (STZ) with a target price of $305, citing an attractive valuation at ~18.5x FY'25E P/E. STZ is trading at $252.80 as of September 18. The upcoming F2Q'25 earnings report on October 3 is expected to reflect a slowdown in beer depletions, projected at ~3% y/y, down from previous quarters. Despite this, Citi believes STZ can achieve its FY'25 beer guidance with 4-5% depletions in the second half. The company recently lowered its beer topline guidance due to macroeconomic headwinds, particularly rising unemployment, but expects beer operating profit growth of 11-12%. Wine & Spirits are forecasted to see a decline in net sales by 6-4% and operating income by 18-16%. CEO Bill Newlands highlighted, "In our top five markets, which are roughly half of our business, growth has slowed to low-single digits, partly due to an uptick in unemployment among the Hispanic community, which represents over half of our total volume." Citi views STZ's medium-term growth profile as intact, driven by distribution expansion and innovation.