Wells Fargo Upgrades Altria (MO) to Outperform; Top U.S. Tobacco Pick

Wells Fargo upgraded Altria (NYSE: MO) from Market Perform to Outperform, price target range raised from $26-28 to $31-33.00.

Wells analst said, "We believe MO is well on its way to achieving a better balance between stabilizing Marlboro market share and growing profitably. Therefore, we upgrade MO...MO is now our top U.S. tobacco stock pick. Based on feedback from our “Tobacco Talk” survey dated 3/22/12, PM USA has continued to increase promo spending behind Marlboro Special Blends which, along with its successful Marlboro Black launch in 12/2011, should lead to increased share gains for the brand franchise as early as Q1."

NOTE - this morning, Wells Fargo simultaneously downgraded Reynolds American (NYSE: RAI) to Market Perform.

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

Shares of Altria closed at $30.14 yesterday.

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