Oppenheimer Remains Bullish on Vector Group (VGR) After Meeting with Management

August 29, 2016 9:20 AM EDT
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Price: $20.74 +3.18%

Rating Summary:
    1 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Oppenheimer reiterated an Outperform rating and $27.00 price target on Vector Group (NYSE: VGR) after meeting with management. The company remains committed to its $1.60/share annual cash dividend. It intends to fund the $100M-$125M shortfall with $733M of cash on hand, real estate sales and EBITDA/FCF growth.

Analyst Ian Zaffino commented, "Management remains bullish, and we remain constructive on VGR shares. The cigarette business, which accounts for 90% of earnings, continues to take price at the same time it enjoys only modest industry volume declines. Management believes NYC real estate is much healthier than perception has it, with the sub-$2.5M market particularly strong. Further, only 15% of DE sales are $10M+, and its average sales price is just $1.4M. Maintain Outperform and $27 price target."

For an analyst ratings summary and ratings history on Vector Group click here. For more ratings news on Vector Group click here.

Shares of Vector Group closed at $22.08 yesterday.

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