Jefferies Maintains Hold on Molson Coors

Jefferies is out with its report today on Molson Coors

, maintaining Hold. In a note to clients, Jefferies writes, "We're on the sidelines given our expectation for 1) declining volumes in 2011 (very tough comparisons in Canada and consumer/industry headwinds in the U.S.), 2) elevated commodity costs into 2012 and 3) significantly reduced cost control benefits over the next two years." Jefferies maintains a $50 PT on TAP. Shares of TAP closed Wednesday at $45.44.