UPDATE: Citigroup Initiates Molson Coors at Neutral on Challenging Trends

Citigroup initiates coverage on Molson Coors (NYSE: TAP) with a Neutral rating and a $45 price target.

Citigroup noted, "We remain on the sidelines, as business trends remain challenged broadly and we have little visibility into an inflection point on the top line. Sales in the U.S. remain under pressure, as do those in Canada and the U.K., while the newly-acquired Central and Eastern European business is now facing macro headwinds. While cost-cutting opportunities remain and should continue to help boost margins, we wait for a sustainable recovery on the top line before getting more positive on the stock."

Molson Coors closed at $43.86 on Wednesday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.