"Constellation Brands is further into its turnaround, having sold assets, pruned SKU’s, and consolidated to one sales force," it added. "Good growth trends in the U.S. wine industry, combined with several factors that could become tailwinds in FY13, create a favorablerisk/reward scenario, in our view."However, the performance of the beverage industry in 2012, especially in soft drinks and beer, will be in largely dictated by consumption levels in the U.S.
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