Piper Sandler last night initiated coverage of Molson Coors with a Neutral rating and $69 price target. The analyst expects a modest lift to Molson’s sales from its expected 10% shelf space gain, but mostly expects a reversion to long-term historical share trends. The company will benefit from mix lifts from premiumization of its portfolio, but upside beyond beer looks smaller, the analyst tells investors in a research note. Piper says Molson’s ongoing strike adds near-term disruption costs and some uncertainty.
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