Shares of Constellation Brands dropped to a new 52-week low of $115.50 on Thursday. UBS lowered its price target for the stock from $168 to $145 while maintaining a Buy rating. The adjustment reflects concerns regarding a softening consumer backdrop through the end of summer.
The company recently reported quarterly earnings of $3.43 per share, missing the $3.70 consensus estimate. Analysts now forecast lower year-over-year earnings for the upcoming second-quarter results. Constellation Brands is scheduled to report those earnings in early October.