Wells Fargo raised the firm’s price target on Molson Coors to $65 from $64 and keeps an Underweight rating on the shares. While fundamentals have been strong as Molson Coors gains share from the ABI-related portfolio, the firm does not believe the stock should trade at the high-end of its historical valuation range, given potential risk that the recent surge in market share reverses. Wells feels more comfortable at the midpoint of the price-to-earnings range, reflecting this uncertainty.
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