Constellation Brands (STZ) will likely see a recovery in volume as easy comparisons from a year ago and activation around the World Cup are bullish factors, RBC Capital Markets said in a note Wednesday.

RBC said that Constellation unveiled growth projects for 2027 at a distributor meeting that "will help sustain share gains as well as incremental distribution." Among those projects are more support for growth of its Pacifico brand with incremental advertising spending and the launch of new pack sizes, the note said.

However, the company will likely also "moderate margin targets" for 2027 and for the long term amid "changes in the cost environment, the competitive landscape and depreciation," the note said, adding it believes 36.5% to 38% seems more appropriate than 39% to 40%.

The investment firm said it is still a long-term buyer of Constellation shares and views "any margin reset related pull back as an attractive opportunity."

RBC has an outperform rating on Constellation and a $185 price target.

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