JPMorgan downgraded Molson Coors Beverage Company after third-quarter results showed weaker sales, giving the brewer a second underweight rating amid analyst concern about U.S. beer trends and competition.
Molson Coors reported $2.93 billion in net sales for the quarter ended Sept. 30, 1.6% less than a year earlier. Underlying diluted earnings per share declined 12.6% to $1.46, the company said.
JPMorgan changed its rating from neutral to underweight on Nov. 9. Analyst Drew Levine identified competition and weakness in the U.S. beer category as concerns.
Wells Fargo had already moved its rating from equal weight to underweight. Its earlier downgrade after the sales miss also reflected its expectation that 2027 would be difficult for the brewer.
Separately, Molson Coors reduced its 2026 forecast. It now expects net sales to fall 1% to 2% on a constant-currency basis; its previous range ran from a 1% decline to 1% growth. The company widened its projected drop in underlying earnings per share to 16% to 19%, from 11% to 15%.
Molson Coors linked the revised outlook to global economic conditions and consumer behavior, as well as continued U.K. promotions and logistics costs above its expectations. Molson Coors expects fourth-quarter global beer-industry volume trends to remain as soft as those in the second and third quarters.
