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