Piper Sandler Lowers PT on Molson Coors Beverage Company (TAP) to $53, Keeps a Neutral Rating

Molson Coors Beverage Company (NYSE:TAP) is one of the 13 Cheap Mid-Cap Stocks to Add to Your PortfolioOn June 23, Piper Sandler lowered the firm’s price target on Molson Coors Beverage Company (NYSE:TAP) to $53 from $58, keeping a Neutral rating on the shares.

The analyst told investors in a research note that Molson Coors Beverage Company (NYSE:TAP) is exhibiting a continually slowing retail momentum. Q2-to-date US retail volumes dropped around 5%, with the company lapping elevated shipments from a year ago.

Is Molson Coors Beverage Company (TAP) the Best Alcohol Stock to Buy According to Billionaires?

A wide-angled shot of a brewery showing the large machinery used for producing malt beverages.

In addition, aluminum prices are resulting in cost pressure behind increased Midwest Premium rates. The firm also noted that these circumstances are materializing at a time when the US beer category is experiencing pressure from societal shifts and macroeconomic factors.

Molson Coors Beverage Company (NYSE:TAP) produces and sells beer. The company operates through the Americas, EMEA, and APAC geographical segments.

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