Jefferies Distributor Survey: A-B “Best-Positioned” for 2025 

Dear Client: The beer industry has had a volatile year, with crazy weather, shifts in shelf space, a weak summer, and improved fall.  "Heading into '25, a) ABI is best-positioned, pressuring Molson to perform; b) STZ vols to grow +7%; c) Tilray's deliberate rationalization could start to work; and d) SAM upside remains limited for now."  So writes Jefferies analyst Kaumil Gajrawala in a note covering their latest beer distributor survey. Here are a few highlights: A-B STABILIZING. A-B is