Molson Coors (TAP) PT Lowered to $57 at Jefferies

Jefferies analyst Kaumil Gajrawala lowered the price target on Molson Coors (NYSE: TAP) to $57.00 (from $61.00) while maintaining a Hold rating.

The analyst comments "nvestors have been skeptical about MolsonCoors (MCBC) ability to retain the gains from Bud Light's fallout. April was the first test and trends turned negative quickly. It wasn't just comps; ABI's investments (Ultra, Busch) are working, while the consumer has weakened. Valuation at 7.5x suggests '24 EBITDA declines 4% (Street +1%), we think numbers go lower...and expect EBITDA to decline 5%. Target falls to $57."

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