BNP Paribas downgraded Molson Coors (TAP) to Underperform from Neutral with a price target of $40, down from $43. The firm, which lowered its “below-consensus” estimates, notes that its FY26 and FY27 EPS estimates are now 6% and 10% below the Street view, respectively, and that it now has Underperform ratings on its entire U.S. alcohol coverage.
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