Constellation Beer Margins Staying

Dear Client: Not much terribly new during a Constellation CAGNY presentation yesterday, at least for beer... Still: the good news stories for Constellation Beer largely endure. Including: testing has revealed Corona Refresca is 80% incremental to the Corona franchise -- better than Premier's incrementality rates " and it broadens appeal to women. Also, it doesn't cannibalize Corona shelf space as it's an FMB, on a "different area of shelf and cold box" per chief Bill Newlands. Still lots of upside