Goldman Sachs Reiterates Buy Rating on Molson Coors (TAP), PT $75
Goldman Sachs analyst Bonnie Herzog reiterated a Buy rating and $75.00 price target on Molson Coors (NYSE: TAP)
The analyst comments "Our View – TAP reported strong Q4 results, reflecting better than expected volume performance in Americas, partially offset by weakness in EMEA/APAC. This led to a beat on margins and EPS, which came in at $1.30 (vs us/FactSet cons at $1.12/$1.13) aided by a lower tax rate. Looking ahead, mgmt introduced strong and better than expected FY25 guidance, which implies operating leverage on the bottom line – a departure from prior years. Ultimately, TAP's strong initial FY25 guidance implies consensus FY25 estimates will need to move higher. Overall, we believe today's results and guidance should be viewed favorably, and therefore expect the stock to trade up today. We continue to see a favorable risk/reward and reiterate our Buy rating on TAP. Bottom line, we continue to see a favorable risk/reward and expect the stock to re-rate higher as visibility improves on category trends."
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Shares of Molson Coors closed at $53.45 yesterday.