Molson Coors price target raised to $54 from $52 at BofA

BofA raised the firm’s price target on Molson Coors to $54 from $52 and keeps an Underperform rating on the shares after the company reported Q1 earnings well ahead of BofA’s estimate and the Visible Alpha consensus. Shares have increased meaningfully since the start of Q2 in response to recent market share gains related to the Bud Light boycott, but the ultimate impact will depend on duration of controversy and potential competitive response, says the firm, which adds that it continues to expect the U.S. domestic beer industry to face secular growth challenges.