Molson Coors price target lowered to $68 from $70 at Evercore ISI

Evercore ISI lowered the firm’s price target on Molson Coors (TAP) to $68 from $70 and keeps an Outperform rating on the shares. Management reiterated its FY24 outlook despite delivering Q1 EPS and organic sales well ahead of the Street given that much of the upside was timing related, the analyst tells investors. Meanwhile, management’s tepid commentary on April trends were echoed in the latest U.S. scanner data, which shows AB InBev (BUD) growing year-over-year volumes ahead of Molson Coors in the first complete two-week period lapping the Bud Light controversy, the analyst added.