Goldman Sachs upgraded Molson Coors (TAP) to Buy from Neutral with a price target of $75, up from $66. The analyst is “incrementally more positive” on Molson Coors and Constellation Brands (STZ), and incrementally negative on Boston Beer (SAM), based on feedback from the firm’s beer distributor contacts. Distributors expect Molson to be a “big winner of spring shelf resets,” gaining incremental shelf space, the analyst tells investors in a research note. The firm says 78% of distributors had more inventory of Molson brands in March, which suggests the company may have shipped even more than anticipated in Q1 ahead of spring resets.
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