Molson Coors upgraded to Neutral from Sell at Citi

Citi upgraded Molson Coors (TAP) to Neutral from Sell with a price target of $57, up from $47. The firm says its fundamental thesis has largely played out, with Molson share trends moving to down 80 basis points year-over-year over the last 10 months, it U.S. volumes moving to down high-single-digits in recent quarters, exacerbated by a soft U.S. beer category. Looking ahead, the company’s market share comparisons get easier in the spring and the beer category will cycle easier comps in the summer, the analyst tells investors in a research note. Additionally, Molson’s margin delivery and share repurchases are likely to “protect” earnings and should allow the company to guide high-single-earnings growth in 2025, contends Citi.