Altria (MO) PT Lowered to $53 at Jefferies

Jefferies analyst Owen Bennett lowered the price target on Altria (NYSE: MO) to $53.00 (from $55.00) while maintaining a Buy rating.

The analyst commented, "Our MO bull thesis is based on potential value creation from selling the ABI stake/acquiring Juul, as well as recognition of value for US cannabis optionality. While the outlook for the latter is still +ve, there was Q3 disappointment on the former, when MO reaffirmed commitment to ABI. We believe it had to say this, and assuming no adverse ALJ FTC decision (expected soon) around forced divestment of Juul, we continue to see an ABI/Juul move as likely."

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