Bud Light boycott has been good for Molson Coors, but gains aren’t set in stone, analysts say

As Bud Light sales drop amid a conservative-led boycott, beer drinkers have flocked to rival Molson Coors Beverage Co. for light-beer alternatives. But as the retreat from Bud reshapes the beer market, Wells Fargo analysts say investors have failed to ask a key question: What if Molson’s gains go away?

Shares of Bud Light’s parent company, Anheuser-Busch InBev BUD, have faltered since the boycott began more than two months ago, after Bud Light’s partnership with trans influencer Dylan Mulvaney drew anti-trans outrage and…