The US bank Morgan Stanley has cut its third-quarter and full-year 2004 earnings per share estimates for the brewer Adolph Coors. The bank has changed its estimate for the company’s EPS in the third quarter to US$1.38 from US$1.59 and its 2004 EPS forecast to US$4.35 from US$4.58.
Morgan Stanley analyst William Pecoriello said the brewer was facing challenges on several fronts.
In a research report, Pecoriello said the entire beer industry continued to have “sluggish” volume in August and September, and market share trends at Adolph Coors “deteriorated” last month.
