Molson Coors Brewing (TAP) Announces Intent to Purchase MillerCoors JV; Cowen Raises Price Target to $106

Cowen reiterated an Outperform rating on Molson Coors (NYSE: TAP), and raised the price target to $106.00 (from $95.00), following the company's announced intent to purchase MillerCoors JV.

Analyst Vivien Azer commented, "With TAP's intended purchase of the MillerCoors JV now official, we update our accretion model to reflect the actual purchase price, as well as some of our assumptions, as per TAP's guidance. In addition we are now incorporating pro-forma free cash flow into our model. We raise our PT to $106, Maintain Outperform."

For an analyst ratings summary and ratings history on Molson Coors click here. For more ratings news on Molson Coors click here.

Shares of Molson Coors closed at $93.81 yesterday.

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