UPDATE: Bank Of America Upgrades Molson Coors Brewing On Multiple Key Factors

In a report published Wednesday, Bank of America analyst Bryan D. Spillane upgraded the rating on

from Underperform to Buy, and raised the price target from $55.00 to $80.00. In the report, Bank of America noted, “We are raising our rating on TAP from Underperform to Buy based on potential for improving fundamentals and strategic actions. "Key factors to consider are : 1) Prospects for a solid performance in Europe, potential improvement in the US tied to improving economy, easier comparisons and Miller Coors marketing initiatives 2) improvement in cash flow and total shareholder returns enabled by a broader application of the companies PACC (EVA like) model. 3) Canadian cost savings initiatives should begin to have more of an effect later in 2014 and into 2015, and 4) Increased appreciation in the market for the value (to TAP) of the Miller Coors JV including the accretive scenario of TAP buying out its partner.” Molson Coors Brewing closed on Tuesday at $70.71.