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In a report published Thursday, Stifel Nicolaus analyst Mark Swartzberg upgraded the rating on Molson Coors Brewing Company
TAP from Hold to Buy, and named a $60.00 price target.
In the report, Swartzberg noted, “Our estimates go up for more U.S. price/mix: 2013E EPS to $3.93 (was $3.91), 2014E EPS $4.36 (was $4.28). Our sector and STZ notes, also issued today, review the bases for our belief that industry rate and mix benefits are improving and likely to improve further this fall, as trading up across alcohol builds and Constellation becomes more of a ballplayer on price. We expect TAP's U.S. JV to be a co-creator in this trend. TAP has improved to peer-performance this year, yet its discount to consumer staples peers is greater than historical levels. We think this provides protection against underperformance if our fundamental outlook proves too optimistic.”
Molson Coors Brewing Company closed on Wednesday at $51.06.
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