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Molson Coors Brewing Company (NYSE:TAP) saw unusually-high trading volume on Wednesday after Zacks upgraded the stock from an underperform rating to a buy rating, StockRatingsNetwork.com reports. Zacks now has a $80.00 price target on the stock, up from their previous price target of $55.00. Approximately 3,254,941 shares traded hands during trading, an increase of 66% from the previous session’s volume of 1,964,595 shares.The stock last traded at $71.74 and had previously closed at $70.71.

The analysts wrote, “We are raising our rating on TAP from Underperform to Buy based on potential for improving fundamentals and strategic actions. “Key factors to consider are : 1) Prospects for a solid performance in Europe, potential improvement in the US tied to improving economy, easier comparisons and Miller Coors marketing initiatives 2) improvement in cash flow and total shareholder returns enabled by a broader application of the companies PACC (EVA like) model. 3) Canadian cost savings initiatives should begin to have more of an effect later in 2014 and into 2015, and 4) Increased appreciation in the market for the value (to TAP) of the Miller Coors JV including the accretive scenario of TAP buying out its partner.”

TAP has been the subject of a number of other recent research reports. Analysts at Goldman Sachs raised their price target on shares of Molson Coors Brewing Company to $79.00 in a research note on Wednesday. Separately, analysts at Bank of America upgraded shares of Molson Coors Brewing Company from an “underperform” rating to a “buy” rating in a research note on Wednesday. They now have a $80.00 price target on the stock, up previously from $55.00. They noted that the move was a valuation call. Finally, analysts at ISI Group upgraded shares of Molson Coors Brewing Company from a “neutral” rating to a “buy” rating in a research note on Friday, May 16th. They now have a $75.00 price target on the stock, up previously from $60.00. They noted that the move was a valuation call. Five investment analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and an average price target of $71.11.

In other Molson Coors Brewing Company news, Chairman Peter H. Coors unloaded 27,300 shares of Molson Coors Brewing Company stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $65.52, for a total transaction of $1,788,696.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

The stock has a 50-day moving average of $63.33 and a 200-day moving average of $57.80. The company has a market cap of $13.212 billion and a price-to-earnings ratio of 18.61.

Molson Coors Brewing Company (NYSE:TAP) last released its earnings data on Wednesday, May 7th. The company reported $0.55 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.35 by $0.20. The company had revenue of $816.00 million for the quarter, compared to the consensus estimate of $818.43 million. During the same quarter last year, the company posted $0.30 earnings per share. Molson Coors Brewing Company’s revenue was down 1.5% compared to the same quarter last year. Analysts expect that Molson Coors Brewing Company will post $4.30 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Monday, June 16th. Shareholders of record on Friday, May 30th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Wednesday, May 28th.

Molson Coors Brewing Company (NYSE:TAP) is a holding company.

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