Shares in Constellation Brands Inc. dropped more than 5% yesterday following a downgrade by investment bank, JP Morgan.

JPMorgan analyst Dara Mohsenian reduced the company's rating to "Neutral" or "Hold" from "Overweight" or "Buy", warning that growth could slow in the second half of the year. Mohsenian suggested second half organic growth could be limited because of "international weakness, decelerating US wine pricing and less seasonal contribution from beer."

Constellation shares fell by 5.5% to US$26.44 in afternoon trading on the New York Stock Exchange.