Constellation “More Resilient Than It May Appear,” Says Kaumil

Dear Client:  Jefferies analyst Kaumil Gajrawala kicked the week off with a note on Constellation that dispelled some perceptions and explained why its beer business should defy a difficult macro environment. Setting the stage, Kaumil notes that investors have become “more watchful” of the “durability of the consumer given the notable April/May slowdown in trends,” putting a keen eye on “mid/low income households in the beer industry (below $80k)” as both of those groups “reduce spending across the board.” Given