US: Molson Coors rating coverage upped
Molson Coors has had its share coverage raised.
UBS yesterday (13 June) said it was increasing its rating of the North American brewer to 'buy' from 'neutral', while maintaining a price target of C$106.
"Coors has demonstrated that US beer can grow through more effective marketing, strong distributor relationships, and effective retail execution - as indicated by Coors Light trends," Gajrawala said. "Given the increased scale and complexity of the Canadian business, we believe that Coors is just now starting to gain traction in this region."
Earlier this week, Molson Coors said it will launch a convertible senior note offer. The brewer hopes to use the majority of the estimated US$500m that will be raised from the offer to fund a tender offer by its Coors Brewing subsidiary to buy up to $450m of its outstanding 6% senior notes due in 2012.
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