This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Analyst Lifts Molson Coors Rating, Price Target

NEW YORK (AP) â¿¿ Shares of Molson Coors Brewing Co. hit their highest level in more than four years on Monday after a Goldman Sachs analyst boosted her rating and price target as North American beer volumes begin to improve.

THE SPARK: Judy Hong of Goldman Sachs raised Molson Coors' rating to "Buy" from "Neutral" and raised her price target to $63 from $47.

THE ANALYSIS: In a client note Hong said that beer volumes are starting to recover in North America more people go back to work. A Goldman Sachs analysis suggests that beer consumption is about 8 percent below normal levels due to the recession. Hong said this implies that "there is significant room for a bounce back in the industry as employment trends improve and consumers re-establish historical drinking habits."

The unemployment is at 7.7 percent, versus 4.7 percent in 2007, before the Great Recession.

Hong is also encouraged by new products, saying that brands like Third Shift will target the above-premium segment at a higher price. The analyst thinks that new products could add about 4 percent to Molson Coors' volume.

Molson Coors declined to comment.

SHARE ACTION: Molson Coors Brewing's rose $2.52, or 5.2 percent, to $51.45 in afternoon trading. The shares touched $51.52 earlier in the session, their highest point since 2008. Year-to-date the stock is up 14.3 percent.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs