Wells Fargo downgrades Molson Coors to Underweight, lowers price target to $45

As previously reported, Wells Fargo analyst Chris Carey downgraded Molson Coors to Underweight from Equal Weight with a price target of $45, down from $52. The analyst sees significant downside to Street estimates in 2023, and potential valuation reverts to the low-end of historical ranges. He added Molson Coors to the Wells Fargo tactical ideas list for Q1 2023.