Investment bank UBS Warburg has raised its target share price for Canadian brewer Molson, following the brewer's recent announcement of additional cost savings.
UBS Warburg raised his 12-month target price 15% to C$37 after the company said on Friday it was looking at the additional savings, over and above its current three-year C$150m commitment to savings, in order to maintain its competitive edge.

The increase reflected the confidence in Molson's ability to deliver on its plans, the bank said.