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Constellation Brands: A Stock Market Rebound, but Is Beer Demand Really Recovering?

Constellation Brands has beaten earnings expectations, and investors have welcomed the results. But beneath the positive numbers, a more complicated picture is emerging: shipments are growing faster than underlying consumer demand, its biggest beer brands remain under pressure, and the company is counting on marketing and portfolio expansion to sustain momentum. In the beer business, selling more cases does not necessarily mean consumers are drinking more beer. That distinction is at the...

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