The boycott of Bud Light over its partnership with a trans influencer has endured long enough to help one of its main rivals, BofA analysts said.
The boycott of Bud Light over its partnership with a trans influencer has endured long enough to help one of its parent company’s main rivals, Molson Coors Beverage Co., analysts at BofA said on Tuesday.
BofA Global Research analysts upgraded Molson Coors TAP — the brewer behind Coors Light and Miller Lite — to neutral from underperform. The analysts also raised their price target on the stock to $68 from $54 and nudged their 2023 per-share profit estimates for the brewer to $4.50 from $4.43.
Since the blowup began over Bud Light, Molson Coors’ total volumes — a measure of liquid sold — have picked up steam. Those volumes were up more than 9.5% year over year for the latest four-week period, the BofA analysts said. With its seven breweries in the U.S., Molson Coors has “plenty of unused capacity” to meet the extra demand, the BofA analysts said. They noted that the company had also taken steps to strengthen operations in the U.S. and drive sales and profits — including consolidating its operating segments and pulling back on some international markets, while more heavily marketing brands like Coors Light and expanding into hard seltzer.
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