Morgan Stanley analyst Eric Serotta assumed coverage of Molson Coors with an Equal Weight rating and $51 price target. While "encouraged" by progress made against its Revitalization Plan, the firm is not convinced Molson Coors can deliver longer-term sustainable organic top line growth given structural challenges in its core segment and the company’s geographic exposure. The firm also sees downside risk to 2023 and 2024 consensus EPS estimates and questions the sustainability of momentum for Topo Chico Hard Seltzer and Simply Spiked.
Published first on TheFly
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