Cans of Molson Coors Brewing Co. Miller Lite and Coors Light brand beer

Deutsche Bank lowered its rating of Molson Coors Brewing stock to hold from buy, following the company's "disappointing results and outlook" from earnings.

"We can no longer defend a 12-month buy case," Deutsche Bank's Steve Powers said in a note to investors.

Molson Coors stock dropped nearly 10 percent on Tuesday after the company reported fourth-quarter earnings that revealed revenue growth was slowing more than Wall Street anticipated.

Deutsche Bank said the results weakened its conviction that Molson Coors has "prospects for stabilized/improved top-line trajectory." It also cited the brewer's "material weakness in financial reporting ... albeit seemingly contained."

"We wish we had better timing," Powers said.

Shares of Molson Coors gained Wednesday despite the downgrade and closed at $59.68 a share, up 0.8 percent on the session. Deutsche Bank also lowered its price target on Molson Coors to $63 a share from $72.