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Analyst Hikes Molson Coors Price Target

Stock quotes in this article: TAP  

NEW YORK (AP) — An appealing stock price and the likelihood of earnings growth prompted an analyst to boost his price target for Molson Coors Brewing Co. on Wednesday.

Mark Swartzberg of Stifel Nicolaus & Co. said in a client note that MillerCoors, the brewing company's joint venture with SABMiller, "is producing strong double-digit EBITA (earnings before interest, taxes and amortization) growth."

The analyst said MillerCoors also looks to benefit from new cost cutting measures set to be announced later this year. Swartzberg expects MillerCoors to realize savings of $500 million. ...

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