UPDATE: Goldman Sachs Upgrades Molson Coors to Buy on Employment Recovery, New Products
In a report published Monday, Goldman Sachs analyst Judy E. Hong upgraded the rating on Molson Coors Brewing Company (NYSE: TAP) from Neutral to Buy, and raised the price target from $47.00 to $63.00.
In the report, Hong noted, “We upgrade shares of Molson Coors (TAP) to Buy from Neutral and raise our 12-month price target to $63 (from $47) implying 29% upside. We believe TAP is a compelling risk/reward proposition as the US employment recovery and a new product cycle drive upward earnings revisions and multiple re-rating for this deep value asset. This is an out-of-consensus call as TAP is one of the most under-loved stocks in Consumer Staples with valuation in the bottom decile of the group. We are above consensus in each of the next three years and are forecasting a 17% multiple expansion to 14X P/E as improving volume erodes the negative sentiment.”
Molson Coors Brewing Company closed on Thursday at $48.93.
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