Molson Coors price target lowered to $53 from $58 at Piper Sandler

Piper Sandler lowered the firm’s price target on Molson Coors (TAP) to $53 from $58 and keeps a Neutral rating on the shares. Molson Coors’ retail momentum continues to slow, with Q2-to-date U.S. retail volumes down about 5% as the company laps elevated shipments from a year ago, the analyst tells investors in a research note. Aluminum prices are adding cost pressure behind elevated Midwest Premium rates, while U.S. beer category trends remain pressured from macro factors and societal shifts, the firm adds.