UBS Says Growth Ahead for the New Constellation

Dear Client: "We believe Constellation Brands is in the final stages of completing a multi-year turnaround," said UBS senior analyst Kaumil Gajrawala in a note to clients, as he outlined the difference between "Old" Constellation and "New" Constellation. The "Old" Constellation "did not leverage its position as the largest wine company in the world properly as it focused on growth through acquisitions and maintained a decentralized structure." But "New" Constellation "has addressed these issues" and now has a "more efficient