UBS raised the firm’s price target on Molson Coors to $70 from $67 and keeps a Neutral rating on the shares. It is unclear how long weakness in Bud Light continues, but it is clear that in the near-term, consumers are switching brands within the light beer category, with both Coors Light and Miller Lite the primary beneficiaries thus far, the analyst tells investors in a research note. The firm thinks consensus estimates for both the quarter and the year are conservative, but does not view this as a shift in long-term growth and does not see a re-rating on the horizon.
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