Bull vs. Bear: Still More Downside for Several US Alcohol Stocks

Dear Client:  Amidst the current macroeconomic climate and consumer trends, the question is when will things turn around? Well, BNP Paribas analysts wrote in a note published last week that there's still more downside for US alcohol stocks, expecting Constellation Brands, Molson Coors and Brown-Forman to underperform.  Overall, they see "demand in the US alcohol industry as structurally impaired with a (well-chronicled) list of concerns," from moderation and health concerns to the shift toward other categories. They add that "structurally