** Shares of El Mayor tequila maker MGP Ingredients drop as much as 27% at $59.46, set for worst day since Jan 2020
** MGPI lowered annual sales and profit forecasts after market close on Thursday and warned it would miss Q3 results on weak demand for spirits and elevated industry-wide whiskey inventories
** Brokerage TD Cowen slashes PT to $66 from $105, cites "worse than expected" Q3 results and expects a much weaker 2025
** Says current slowdown in U.S. spirits has an acute impact on craft brands, owing to limited advertising and promotion resources
** Also says premium brands like MGPI are among the first targets of inventory cutbacks by distributors and retailers
** Company is set to report Q3 earnings on Oct 31
** Six analysts recommend "hold", with a median PT of $102.5
** Including session's moves, stock has fallen ~39% YTD
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com))
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