BofA downgrades Molson Coors to 'neutral' rating, cuts PT

BofA downgrades beer maker Molson Coors TAP.N to "neutral" from "buy" rating, citing a continues decline in the U.S. beer industry below historical trends

"It will be difficult for TAP to achieve what we expected with the industry slump continuing" - BofA

Brokerage cuts PT to $50 from $65, which still represents a 5.8% upside to stock's last close

Seven of 23 brokerages rate the stock "buy" or higher, 15 rate "hold" and one "sell"; their median PT is $60.50, according to data compiled by LSEG

Including session's moves, stock down about 17.6% YTD