Constellation Brands Updates Its 2020 Targets After a Mixed Quarter
Investors had modest expectations heading into Constellation Brands' (NYSE: STZ) third-quarter earnings report on Wednesday. The alcoholic beverage giant has been enjoying strong growth in its beer portfolio, but the wine and spirits segment has been slumping. Those uneven trends, combined with financial challenges stemming from its investment in marijuana specialist Canopy Growth (NYSE: CGC), added uncertainty to this formerly high-flying stock.
This week's earnings announcement answered key questions in a few of these areas, but it also showed that investors will need to be patient as they wait for clarity during this turbulent time for Constellation's business.
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Source Fool.com
