BofA Global Research has downgraded Constellation Brands (STZ) to "Neutral" from "Buy," reducing the price objective to $255 from $300, now based on 17x CY25 EPS estimates, down from 20x. The current stock price is $242.07, down 1.86% as of October 7. The downgrade reflects concerns over muted beer volume growth and the broader macroeconomic environment, with BofA noting, "At 15% volume share, the law of large numbers is in effect with a category that is tired." The report highlights a recalibration of growth expectations, with FY25 beer depletion forecasts lowered to +4.5% from +4.8%, and FY26 and FY27 EPS estimates reduced to $15.19 and $16.83, respectively. BofA sees the stock as likely range-bound, with potential upside risks from price investments and marketing, but downside risks from persistent consumer weakness.