UPDATE: Goldman Sachs Upgrades Molson Coors (TAP) to Neutral

(Updated - June 28, 2022 5:01 AM EDT)

Goldman Sachs analyst Bonnie Herzog upgraded Molson Coors (NYSE: TAP) from Sell to Neutral with a price target of $54.00 (from $46.00).

The analyst comments "We move to a Neutral rating as we see a more favorable risk/reward for TAP in the current environment as we see some signs of progress in its revitalization strategy behind Miller Lite and Coors Light, with distributors broadly more positive on the brands and highlighting growth improving and some market share gains. Furthermore, we believe TAP is more favorably positioned in this environment as there should be some downside support in the stock as investors continue to shift their portfolios towards defensive/value stocks. Furthermore, we continue to believe businesses with products that are not discretionary and have a low elasticity of demand, such as nicotine, alcohol/beer and caffeine/energy, should benefit in a recession and TAP could be a beneficiary as downtrading pressures intensify as we potentially move into a recession."

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 $55.38 yesterday.

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