Goldman Sachs Reiterates Neutral, $42 Target on Molson Coors

Goldman Sachs maintains its Neutral rating and $42 target price on Molson Coors Brewing Co. TAP as the company's investor day did not yield any surprises. Goldman comments, “US volume performance is likely to remain challenged given the persistently high unemployment rate and mainstream beer's share loss to high-end beer and spirits. … MillerCoors management acknowledged the need to be quicker and more nimble but innovation and marketing strategies did not seem to convey a sense of urgency. TAP CFO also acknowledged that top-line growth is increasingly important as a focus for senior management.” TAP closed at $41.37 per share on Tuesday.