Molson Coors downgraded to Sell from Hold at Deutsche Bank

Deutsche Bank analyst Steve Powers downgraded Molson Coors to Sell from Hold with an unchanged price target of $50. The analyst sees higher market expectations following the stock's appreciation over the last month and an increasingly challenging setup into 2023 and beyond that leaves the risk/reward "skewed to the downside." For fiscal 2023, tough sales comparisons, heightened competition, and still-elevated costs amid declining consumer health and macro volatility "keep us cautious," Powers tells investors in a research note. Looking longer-term, Molson faces less favorable price gaps in its core domestic light beer brands and lingering questions regarding its emerging brand strategy, says the analyst.