Molson Coors initiated with a Hold at Jefferies

Jefferies initiated coverage of Molson Coors with a Hold rating and $62 price target. The firm says Molson was a clear beneficiary of the Bud Light “debacle, but what’s overlooked is that the company’s fundamentals were already improving.” However, much work remains, including dealing with an aggressive response from Anheuser-Busch Inbev and proving its ability to hit its adjusted long-term algorithm off this base, the analyst tells investors in a research note.