Molson Coors

Shares of Molson Coors Brewing (TAP - Get Report) went flat Monday, falling 3.9% to $54.74 after Credit Suisse initiated coverage on the stock with an "underperform" rating and a $50 price target.

"We believe the company faces significant hurdles in overcoming its portfolio exposure, and fear the time for bold decisions has passed," Credit Suisse said in a note to investors. "Shares have fallen 40% since YE 2016 as fundamentals in nearly every region deteriorated, with no clear path toward stabilization in our view. A levered balance sheet limits bold decision making"

Last month, Denver-based Molson Coors reported first quarter top- and bottom-line results that were below expectations.  The company reported net income of $151.4 million, or 52 cents per share on an adjusted basis, on revenue of $2.3 billion. Analysts polled by Zacks, on average, were expecting the company to report earnings of 57 cents per share on revenue of $2.32 billion.

Revenue for the period fell 1.2% in the quarter due to volume declines while the cost of goods sold per hectoliter increased 4.7%, the company said. That increase was due primarily by cost inflation and transportation costs.

Molson Coors reported net income of $151.4 million, or 52 cents per share on an adjusted basis, on revenue of $2.3 billion. Analysts polled by Zacks, on average, were expecting the company to report earnings of 57 cents per share on revenue of $2.32 billion.

The company sells various products under the Blue Moon, Coors Banquet, Coors Light, Miller Genuine Draft, and Miller Lite.