Molson Coors (TAP) PT Lowered to $63 at Jefferies

Jefferies analyst Kevin Grundy lowered the price target on Molson Coors (NYSE: TAP) to $63.00 (from $65.00) while maintaining a Buy rating.

The analyst commented, "We edge our '22-24 EPS ests. lower (costs/FX) post TAP's mixed 3Q (better pricing / SG&A, offset by lower GM %, driving ~slight EPS beat). We view pullback in shares on costs/FX concerns as buying oppty. w/ add'l pricing and resilient demand in core US portfolio (85% profits) offering further evidence that co.'s Revitalization Plan is putting TAP on a path to sustainable LT profit growth. At ~7.5x NTM EV/EBITDA, TAP remains a preferred value idea - PT to $63."

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