Citi Initiates Coverage on Altria Group (MO) with a Buy
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Citi initiates coverage on Altria Group Inc (NYSE: MO) with a Buy. Price target $24.50.
Citi analyst says, "The three key drivers of EPS growth – net cigarette prices, cost savings and buybacks – are all under Altria's control. After the PMI spin, management has more incentive to deliver on EPS growth...We don't see litigation as a major risk, so the 11.1x 2009E P/E seems low and the 2008E dividend yield is 5.8%."
Altria Group, Inc. (ALG) is the holding company of Philip Morris USA Inc. (PM USA) and John Middleton, Inc., which are engaged in the manufacture and sale of cigarettes and other tobacco products.
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