JPMorgan Downgrades Molson Coors as U.S. Beer Trends Stay Weak

JPMorgan moved Molson Coors Beverage Company to underweight from neutral on Nov. 9, as the bank cited weak trends in the U.S. beer category. The shift followed the brewer’s third-quarter results. Analyst Drew Levine also pointed to a competitive environment. Molson Coors shares moved lower in early trading after the rating change.

The call adds to pressure on Molson Coors after quarterly sales missed expectations. Wells Fargo had lowered its rating to underweight from equal weight after the sales shortfall, even though earnings per share topped estimates.

Both rating cuts followed the third-quarter results. Levine’s stated concerns centered on weak U.S. beer-category trends and competition. Wells Fargo separately pointed to the sales miss and a challenging 2027 outlook in its earlier downgrade.