Citi opens ’90-day positive catalyst watch’ on Molson Coors, ups price target

Citi raised the firm’s price target on Molson Coors (TAP) to $72 from $65 and keeps a Neutral rating on the shares, on which the firm opened a “90-day positive catalyst watch.” Citi believes that Molson Coors will continue to benefit from the Bud Light (BUD) controversy throughout the summer, leading to upside to both top- and bottom-line estimates. The firm forecasts the company to raise 2023 guidance, as its view currently does not reflect the acceleration in sales growth since the beginning of April, the analyst added.