UPDATE: Bank of America Merrill Lynch Reiterates Underperform Rating, Raises PT on Molson Coors Brewing

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Underperform rating on Molson Coors Brewing Company TAP, and slightly raised its price target from $43.00 to $44.00. BofA Merrill Lynch noted, “Molson Coors participates in three beer markets, Canada, the UK and the US (with a JV with SABMiller). Due to macro, demographic and other factors, its results reflect weak volume growth trends and mixed category share results despite cost savings and rising cash flows. Weak macro trends appear to impact beer drinkers more than others, and near-term organic growth may be limited. Further, we see tougher visibility and complexity across its three operating segments, which often dampens sentiment.” Molson Coors Brewing Company closed on Tuesday at $42.92.