Laboy: MillerCoors in “Disrepair”

Dear Client:The "elephant in the room" for Molson Coors (and by extension probably SABMiller too) is the "state of disrepair" that stockholders don't "seem to appreciate" in the MillerCoors J-V, says Credit Suisse's Carlos Laboy, which has a neutral rating on TAP. While ABI continues its "massive" cost cutting program, Carlos' makes the argument that MillerCoors is "under pressure" to also cut costs, but that has already "run their course." And then you have distributors. While an increasing number want