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JPMorgan analysts remain cautious on the US alcohol sector due to ongoing uncertainty over whether the consumption slowdown is cyclical or structural. The bank maintains Neutral ratings on Constellation Brands and Molson Coors, and an Underweight rating on Brown-Forman. Valuations have fallen sharply, but lower confidence in forward growth makes a re-rating difficult. Companies need to provide more realistic medium-term outlooks to improve the sector's outlook.

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