Constellation Brands (STZ) reported fiscal Q1 results primarily in line with expectations, despite ongoing macro pressures and shifts in consumer behavior, RBC Capital Markets said in a note Thursday.

The brokerage firm said management reiterated its full-year guidance, signaling confidence in a return to growth in the near term, particularly in the beer segment.

RBC said it slightly adjusted its 2025 earnings estimate to $12.72, citing stronger beer volume expectations in Q2.

RBC Capital Markets maintained its outperform rating and $233 price target, saying the quarter was soft but it does not materially change the broader investment thesis.