Molson Coors Brewing Company (TAP: sentiment, chart, options) shares raced to a new annual high earlier today after the company exceeded Wall Street's first-quarter earnings expectations. The company raked in a profit of $37.1 million, or 20 cents per share, on $1.36 billion in net revenue. Excluding certain costs, TAP earned 32 cents per share. Ahead of the report, analysts were looking for a profit of 28 cents per share on net revenue of $1.31 billion.

At last check, TAP is 6.7% higher to trade around $56.75. Earlier, the stock tapped a new 52-week peak of $57.74. Today's earnings-inspired gap higher pushed TAP out of a sideways channel between the 50 and 56.50 levels that confined all of the stock's movements since mid-February.

Brokerage firms were quick to cheer the positive results this morning. Goldman Sachs noted that the quarter was "strong across the board," and the brokerage is "encouraged by share gains, solid 4% pricing, and a narrowed operating loss." Elsewhere, UBS reiterated its "buy" rating due to continued U.S. strength, improving volume trends in Canada and the U.K., solid cost savings, and likely deal approval for the Miller/Coors joint-venture this month."

Following the solid earnings release, TAP stands to gain from more positive analyst attention. Zacks reports that the stock has 5 "strong buys," along with 4 "holds" and 1 "sell" rating from brokers. Any upgrades could lend fuel to future gains in the equity.