Altria (MO) Downgraded to Sell, PT Lowered to $45 at Citi

Citi analyst Adam Spielman lowered the price target on Altria (NYSE: MO) to $45.00 (from $67.00) while downgrading to Sell (from Neutral).

The analyst comments "Altria has just invested $12.8B for a 35% stake in Juul at about 40x 2018 sales — We suspect this is destroying value but it is impossible to be sure because MO has not revealed any financial details, despite the scale of the investment. MO says it’s a tech-style multiple. Trouble is, investors own MO for predictability and cash. If they want tech-style growth and risk, surely they’d want to pick their own stock?"

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