Molson Coors downgraded by Deutsche Financial institution after ‘disappointing outcomes’
Financial institution’s Steve Powers mentioned in a word to buyers.
Molson Coors inventory dropped practically 10 % on Tuesday after the corporate reported fourth-quarter earnings that exposed income progress was slowing greater than Wall Avenue anticipated.
Deutsche Financial institution mentioned the outcomes weakened its conviction that Molson Coors has “prospects for stabilized/improved top-line trajectory.” It additionally cited the brewer’s “materials weak point in monetary reporting … albeit seemingly contained.”
“We want we had higher timing,” Powers mentioned.
Shares of Molson Coors gained Wednesday regardless of the downgrade and closed at $59.68 a share, up 0.eight % on the session. Deutsche Financial institution additionally lowered its worth goal on Molson Coors to $63 a share from $72.