Goldman Sachs Downgrades Molson Coors Brewing (TAP) to Neutral
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Goldman Sachs downgrades Molson Coors Brewing Co. (NYSE: TAP) from Buy to Neutral, following weaker than expected 3Q09 operating results.
The firm said while valuation is "admittedly low", they are stepping to the sidelines for now as they see limited upside potential in the near term.
2009 EPS estimate rise $0.25 to $3.86 due primarily to a lower tax rate, but 2010 estimates lowered to $3.60 from $3.74.
The firm has a $53 price target on TAP.
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