Jefferies Maintains Hold on Molson Coors

Jefferies is out with its report today on Molson Coors (NYSE: TAP), maintaining Hold.

In a note to clients, Jefferies writes, "We're on the sidelines given our expectation for 1) declining volumes in 2011 (very tough comparisons in Canada and consumer/industry headwinds in the U.S.), 2) elevated commodity costs into 2012 and 3) significantly reduced cost control benefits over the next two years."

Jefferies maintains a $50 PT on TAP.

Shares of TAP closed Wednesday at $45.44.