Investing.com - Shares of Molson Coors slumped in midday trading after a negative sell-side research note said there is no clear path for stabilization of the stock.
Molson Coors (NYSE:TAP) fell 3.4% in midday trading.
Credit Suisse (SIX:CSGN) resumed coverage of the stock today 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 its note. “Shares have fallen 40% since YE 2016 as fundamentals in nearly every region deteriorated, with no clear path toward stabilization in our view.”
Its 30% discount to peers on a next 12 months enterprise value (NTM EV) to earnings before interest taxes depreciation and amortization (EBITDA) basis is justified, it added.
Elsewhere in the sector, Anheuser Busch Inbev (NYSE:BUD) rose 0.3%, while Boston Beer (NYSE:SAM) fell 0.3%.