Molson Coors, the Consumer Defensive sector company, was revisited by a Wall Street analyst today. Analyst Gerald Pascarelli from Needham maintained a Buy rating on the stock and has a $65.00 price target.
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Gerald Pascarelli has given his Buy rating due to a combination of factors including Molson Coors’ better-than-expected performance in the second quarter, where the company exceeded revenue and adjusted EPS forecasts. Despite a decline in depletion in the Americas and a modest reduction in topline guidance, the results were still favorable compared to expectations.
Pascarelli acknowledges the negative surprise in earnings guidance, with a projected decline in underlying PBT and adjusted EPS. However, he notes that the company’s topline performance is expected to improve in the latter half of the year. The analyst suggests that the earnings revision may be more conservative than necessary, especially given the performance of other beverage manufacturers. This potential for improvement and the possibility of conservative guidance contribute to the Buy rating.
In another report released on July 30, Evercore ISI also maintained a Buy rating on the stock with a $58.00 price target.
Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is neutral on the stock.