Molson Coors upgraded to Hold from Sell at Deutsche Bank

Deutsche Bank upgraded Molson Coors to Hold from Sell with a price target of $58, up from $57. While investor concerns around the company’s ability to comp fiscal 2023’s “robust” growth and the potential for margin degradation in a more intense competitive environment in fiscal 2024 remain “valid and reasonable,” these risks are now adequately discounted in the stock’s current valuation, the analyst tells investors in a research note. Moreover, the firm believes Molson’s execution over the past 12 months has markedly improved behind portfolio optimization efforts, more focused marketing spending, and salesforce/supply chain modernization investments.