Constellation falls after TD Cowen downgrades to 'hold'
** Shares of beer maker Constellation Brands STZ.N down ~1% at $240.62 in early trade
** Brokerage TD Cowen downgrades STZ to "hold" from "buy" on decelerating FY25 growth and pressures on beer category
** Sees 1% to 2% per-year decline of U.S. beer volumes due to consumer preference shift to spirits among alcoholic beverages and younger demographics preferring cannabis products and health and wellness
** Also cuts PT to $270 from $300, below median PT of $299
** STZ reaffirmed its lowered sales forecast last week
** Brokerage stays conservative on sales improvement as rising unemployment among Hispanics has slowed purchase rate of Constellation's brands
** "It is difficult to tell whether this impact is transitory or sticky because we don't know when the economy will improve sufficiently to reverse the trend," TD Cowen's Robert Moskow says
** 19 of 25 brokerages rate the stock "buy" or higher and five "hold"
** Up to Monday's close, stock had risen ~4% over the year
Reporting by Neil J Kanatt in Bengaluru
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