Is A-B Panicking?

Dear Client:That was the title of analyst Robert Ottenstein of Evercore's report yesterday over reports of heavy discounting by A-B so early in the summer ("buy two 12 packs of Bud/Bud Light, get one free"). Robert qualifies the report by adding, "We don't think so, but still a yellow flag" for competitors Molson Coors and Constellation.He writes: "ABI's upcoming holiday promotions are somewhat wider and deeper than usual." But Robert stops short of saying this is a change in strategy,