This Analyst Just Downgraded Molson Coors Stock. Here's Why.

Molson Coors (TAP) shares have been stuck in a downtrend for much of 2026, and one Wall Street analyst believes investors could face more downside ahead. Chris Carey, a senior analyst at Wells Fargo, downgraded TAP this morning to “Underweight” and reduced his price target to $36, indicating potential for another 10% decline from current levels. 

At the time of writing, Molson Coors stock is already down more than 20% versus its year-to-date high. 

What Made Wells Fargo Downgrade TAP Stock?

Carey’s bearish research note arrives only a day after Molson Coors reported mixed Q3 results. According to the analyst, the NYSE-listed firm “confronts two key headwinds that have not eased.” First, beer consumption trends remain under pressure, and second, it continues to lose market share. 

That leaves TAP heavily dependent on pricing and cost controls to sustain earnings growth. But if inflation headwinds continue to weigh on volumes, the company may find it difficult to offset lost sales through pricing measures only, according to the analyst. 

That risk has become more prominent after TAP’s third-quarter revenue missed Street expectations despite the earnings per share (EPS) beat. 

Carey Lowers 2027 Estimates for Molson Coors

In his research note, Carey warned that persistent inflation in raw materials, packaging, freight, and manufacturing could weigh on gross margins, limiting TAP’s ability to improve its profitability for several years. 

He now projects 2027 earnings of $3.31 per share, down from his previous estimate of $3.95, and well below the broader analyst consensus of roughly $4.31. He also expects organic sales to decline 1.6% and volume to sink 3.3% next year. And even these downwardly revised estimates could prove too high “if category softness and TAP shares losses persist."

Note that Barchart also holds an “8% SELL” average opinion on Molson Coors shares, indicating technical momentum is not in their favor either. 

What Analysts Believe Lies Ahead for Molson Coors

Other Wall Street analysts aren’t particularly bullish on TAP stock either. 

The consensus rating on Molson Coors sits at “Hold” currently, with the mean price target of $43.38 signaling potential upside of about 7% only. 

On the date of publication, Wajeeh Khan did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.