Molson Coors price target raised to $77 from $75 at Roth MKM

Roth MKM raised the firm’s price target on Molson Coors to $77 from $75 and keeps a Buy rating on the shares following quarterly results. The firm says that rather than being concerning, the implied mid-single-digit underlying EBT growth for the second half of the year suggests guidance remains conservative. Compared to the first half, in the second half of the year there will be less year-over-year pricing, less contract volume contribution, harder prior year Quebec compares; and more marketing spending, Roth says. However, compared to the first half, there will also be more months of share shift, more accompanying P&L leverage, more equity income, an abnormally large fall shelf reset, and more tap handles opportunities.