Jefferies Starts Altria (MO) at Hold
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Jefferies initiates coverage on Altria (NYSE: MO) with a Hold rating and a price target of $70.00.
Analyst Owen Bennett commented, "We initiate coverage on Altria with a Hold, a target price of $70 and see 12 month TSR of c16%. We expect Marlboro share pressures to hold back EBIT development over the next 18 months. Although a heightened buyback with SAB cash and accretion from the holding in a larger ABI should mean earnings remain robust and limit de-rating risk, we believe multiple progression could be limited from here."
Shares of Altria closed at $62.97 yesterday.
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