Neutral/Negative Catalysts
- Category headwinds: sluggish spirits category trends in the U.S. and developed markets are weighing on top-line visibility (RBC).
- Potential reversal of temporary sales lift: Citi flags that H1 2026 could see reversal of “temporary” benefits from over-shipment.
- Wall Street tone is cautious: multiple Underweight/Sell ratings with price targets clustered near current price, limiting perceived upside.
- No near-term news catalysts in the past week (none provided), so there’s no obvious event-driven upside trigger today.
