Evercore ISI lowered the firm's price target on Molson Coors (TAP) to $68 from $70 and keeps an Outperform rating on the shares. Management reiterated its FY24 outlook despite delivering Q1 EPS and organic sales well ahead of the Street given that much of the upside was timing related, the analyst tells investors. Meanwhile, management's tepid commentary on April trends were echoed in the latest U.S. scanner data, which shows AB InBev (BUD) growing year-over-year volumes ahead of Molson Coors in the first complete two-week period lapping the Bud Light controversy, the analyst added.

BofA lowered the firm's price target on Molson Coors to $62 from $72 and keeps a Neutral rating on the shares. The firm is slightly lowering its FY24 EPS forecast to $5.67 from $5.71, which is predominantly driven by lower sales, and believes a lower multiple and larger discount versus its historical average is warranted given weak industry performance and market share losses.

Reports Q1 revenue $2.6B, consensus $2.5B. CEO Gavin Hattersley stated: "After back-to-back years of delivering on our growth objectives, we continued that momentum in the first quarter of 2024 with double-digit top and bottom-line growth. We believe our strategy is working and we remain committed to achieving growth in 2024 and in the years to come." CFO Tracey Joubert stated: "Strong America's volume and favorable net pricing across both business units resulted in double-digit top-line growth while volume leverage and ongoing cost savings drove meaningful margin expansion in the quarter. We achieved this all while continuing to invest in our business and returning over $200 million to shareholders through a quarterly cash dividend and share repurchases."