Molson Coors price target raised to $67 from $63 at Piper Sandler

Piper Sandler analyst Michael Lavery raised the firm’s price target on Molson Coors (TAP) to $67 from $63 and keeps a Neutral rating on the shares. The firm says Molson Coors’ guidance looks more ambitious than expected, but its top-line does benefit from its Fever Tree deal, even as the U.S. beer category’s top-line momentum remains soft. Category shifts to higher ABV innovation may be a volume drag, as fewer servings are likely needed, though higher prices may help make up the difference. Piper expects margin upside from mix shifts from premiumization of its portfolio and exiting contract brewing.