USA: Molson Coors’ shares upgraded from “Underperform” to “Peer perform”
The shares of Molson Coors Brewing Co. were pushed higher by investors on Wednesday, October 5, after an analyst lifted his rating on the battered stock. Bear Stearns analyst Carlos Laboy upgraded Molson Coors Brewing Co. (TAP) to “Peer perform” from “Underperform” on October 5, noting its valuation relative to its competitors, which have recently outperformed Molson. Bear Stearns said he believes most of the bad news is already priced in the share price.
Still, the broker told clients it believes the company is one of the most vulnerable and weak participants in the global beer space. "We still do not think that its North American competitive position will improve, that U.K. industry pressures will recede, or that Brazil will be sold soon," Bear Stearns concluded.
"We have never liked TAP's fundamentals," Bear Stearns said. "We still do not think that its North American competitive position will improve, that U.K. industry pressures will recede, or that Brazil (operations) will be sold soon. But over the next few months, these risks seem reflected in its battered stock price."
Molson Coors faces shareholder lawsuits, filed after the company's stock plunged in April, which allege that the merger that created the company in February was misrepresented to investors. The company's problem issues seem "well absorbed by investors already," the analyst said.
The company's shares gained $1.50, or 2.4 percent, to $64.91 in midday trading on the New York Stock Exchange. The brewer's shares -- which traded as high as $79.99 in April -- plunged 20 percent the same month, following a disappointing first-quarter loss. The stock bottomed at a 52-week trough of $57.37 in May.
Elsewhere, shares of rival brewers declined. Anheuser-Busch Cos. shed 29 cents to $42.04, and shares of Fomento Economico Mexicano SA de CV lost $1.61, or 2.3 percent, to $68.04 on the New York Stock Exchange.
Regresar
E-malt.com, la fuente de información global para los profesionales de la industria cervecera y de malteado. Los boletines quincenales de E-malt.com incluyen las últimas noticias de la industria, estadísticas en gráficos y tablas, precios mundiales de cebada y malta, y otra información relevante. Haga clic aquí para obtener acceso completo a E-malt.com. Si usted es un cliente de Castle Malting, puede obtener acceso gratuito al sitio web y publicaciones de E-malt.com. Contáctenos para obtener más información en marketing@castlemalting.com.
