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."
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Shares of Molson Coors closed at $93.81 yesterday.