Molson Coors Brewing Stock Rating Reaffirmed by Zacks (TAP)
Molson Coors Brewing (NYSE:TAP)‘s stock had its “neutral” rating restated by Zacks in a research note issued to investors on Monday, Analyst Ratings Network.com reports. They currently have a $53.00 target price on the stock. Zacks‘ price objective suggests a potential upside of 6.23% from the company’s current price.
Zacks‘ analyst wrote, “Molson Coors’ second quarter 2013 earnings of $1.51 per share beat the Zacks Consensus Estimate by 8.6%. Earnings also improved 9.4% year on year driven by higher sales on account of the StarBev acquisition. Lower tax rate in Canada and improved performance in Europe and International businesses also boosted earnings. The company was able to gain market share in its key brands in core markets, despite weak consumer demand and poor weather across all markets. Net sales, though short of the Zacks Consensus Estimate, increased 17.9% to $1.18 billion due to the addition of StarBev. Overall, we are encouraged with the company’s strong brand portfolio, continuous innovation and cost-saving initiatives. Moreover, we believe that the StarBev acquisition has enabled the company to expand its key brands by taking advantage of the attractive beer markets of Central Europe. However, continued volume decline in the major markets remains a concern for Molson Coors.”
Shares of Molson Coors Brewing (NYSE:TAP) traded down 1.15% on Monday, hitting $49.89. 708,389 shares of the company’s stock traded hands. Molson Coors Brewing has a one year low of $39.46 and a one year high of $53.75. The stock’s 50-day moving average is $49.94 and its 200-day moving average is $50.3. The company has a market cap of $9.152 billion and a price-to-earnings ratio of 16.08.
Molson Coors Brewing (NYSE:TAP) last released its earnings data on Tuesday, August 6th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.13. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the company posted $1.38 earnings per share. The company’s revenue for the quarter was up 17.9% on a year-over-year basis.
Other equities research analysts have also recently issued reports about the stock. Analysts at Nomura cut their price target on shares of Molson Coors Brewing from $61.00 to $58.00 in a research note to investors on Thursday, September 12th. They now have a “buy” rating on the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of Molson Coors Brewing from $50.00 to $55.00 in a research note to investors on Wednesday, August 7th. They now have a “neutral” rating on the stock. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $52.33.
Molson Coors Brewing Company (NYSE:TAP) is a holding company.
To view Zacks’ full report, visit www.zacks.com
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