Could Take “3-4 Months” For STZ to Get Inventory Back to Where They Need It

Dear Client: Constellation’s breweries in Mexico are now “ramping up” production, but it’s “too late to prevent [the] specter of out of stocks,” writes Credit Suisse analyst Kaumil Gajrawala, who sat down with the company’s financial brass for a recent face-time interview. Recall, Constellation was forced to reduce its production levels in Mexico at the start of April, after the country deemed alcohol non-essential as part of its COVID preventative measures. Kaumil suggests that “production levels may have fallen to