Constellation's core market is wine, which accounted for 87% of its fiscal 2010 revenue. The firm's wine portfolio includes the Robert Mondavi and Arbor Mist brands. Constellation's beer segment has the rights to distribute Corona in the U.S. Constellation also produces spirits, although it sold its value-priced spirits brands in March 2009.Morningstar analyst Philip Gorham said in a Jan. 11 research note that Constellation's "scale and positioning at the premium end of its core markets should allow the firm to generate long-term margins above those of competitors." But on the downside, he said "we think weak consumer brand loyalty, particularly in wine, and low-double-digit returns on invested capital mean Constellation Brands has no economic moat." Analysts give it four "buy" ratings, one "outperform," six "holds" and two "underperforms," according to Morningstar. Standard & Poor's gives it a "buy" recommendation and four out of a possible five-star rating, noting the company "operates in an industry that we believe has demonstrated stable revenue streams." Shares are down 13% this year but up 23% over the past year. Its three-year average annual return is a meager 1.3%. It has a $4.2 billion market value and 86% institutional ownership.