{"id":9647,"date":"2023-11-04T18:42:10","date_gmt":"2023-11-04T18:42:10","guid":{"rendered":"https:\/\/borrowaccelerated.com\/investment\/molson-coorss-stock-jumps-2-4-after-deutsche-bank-upgrade\/"},"modified":"2023-11-04T18:42:11","modified_gmt":"2023-11-04T18:42:11","slug":"molson-coorss-stock-jumps-2-4-after-deutsche-bank-upgrade","status":"publish","type":"post","link":"https:\/\/borrowaccelerated.com\/?p=9647","title":{"rendered":"Molson Coors\u2019s stock jumps 2.4% after Deutsche Bank upgrade"},"content":{"rendered":"
\n

Molson Coors Beverage Co.\u2019s stock rose 2.4% on Friday, after Deutsche Bank upgraded the stock to hold from sell and said risks around the company\u2019s ability to retain its current robust growth are sufficiently discounted in its current valuation.<\/p>\n

The move comes a day after Molson
\n TAP,
\n +2.08%<\/bg-quote>
\n posted better-than-expected third-quarter earnings and again raised its guidance as it continues to gain market share from the boycott of Bud Light. But the stock fell amid concerns that the full-year guidance implied some softness in the fourth quarter. <\/p>\n

\n

Molson said the U.S. beer market performed better than expected and sales were down less than earlier in the year, when inflation was discouraging consumers from making discretionary purchases.<\/p>\n

The company has talked of how its revitalization plan and changed approach to marketing has put it in a good position to take advantage of its market-share gains.<\/p>\n

Deutsche Bank seems to agree.<\/p>\n

\u201cWe believe TAP\u2019s execution over the past 12+ months has markedly improved behind portfolio optimization efforts, more focused marketing spending, and sales force\/supply chain modernization investments, which were evidenced in [third-quarter] over-delivery and exemplified by the stickiness of Coors Light\/Miller Lite market share gains in the aftermath of Bud Light\u2019s disruption this year and robust EBITDA delivery [for the year to date],\u201d wrote Deutsche Bank analysts led by Steve Powers.<\/p>\n

Shelf-space gains of 6% to 7% for Coors and Miller late in the fall and potential spring resets \u201cshould entrench at least some of TAP\u2019s recent momentum into next year,\u201d they added.<\/p>\n

Still, Molson\u2019s full-year guidance implies weakness in the fourth quarter, which the company said had more to do with planned brewery maintenance, moderating pricing benefits, and an intent to end
the year with inventory in a healthy position. <\/p>\n

The guidance was materially short of consensus, the note said.<\/p>\n

\u201cWhile reticent to provide too much color on calendar year 2024, the company did affirm its confidence in maintaining portfolio momentum\/growth \u2014 again, particularly given the recent and expected shelf space wins for its brands,\u201d said the analysts.<\/p>\n

Deutsche Bank raised its EBITDA estimate for 2023 to $2.407 billion from $2.358 billion previously. The analysts expect organic revenue, which excludes foreign-exchange effects, to be up 9.6%, up from 9.3% previously.<\/p>\n

That\u2019s based on expectations for more than 9.3% growth in the Americas and more than 10.8% growth in Europe and the Asia-Pacific region. <\/p>\n

The bank raised its gross-margin estimates by about 175 basis points to 38.0% from 37.7% previously. <\/p>\n

It raised its stock-price target by $1 to $58, just below the stock\u2019s current price of $59.21. <\/p>\n

The stock has gained 15% in the year to date, while the S&P 500
\n SPX
\n has gained 14%. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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