Jefferies Upgrades Altria (MO) to Buy; 'Underappreciated RRP, Cannabis and ESG Optionality'
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(Updated - March 26, 2021 5:06 AM EDT)
Jefferies analyst Owen Bennett upgraded Altria (NYSE: MO) from Hold to Buy with a price target of $58 (from $40).
The analyst comments "With tobacco sentiment and value increasingly driven by RRP, we see near term data points at MO as favourable. Further, while optically MO's metrics would appear to be increasingly challenged if the shift away from smokers accelerates, we think this misses significant underappreciated optionality in vapour and cannabis via M&A, especially if selling its ABI stake to fund this. Increase our PT by 46% and upgrade to Buy."
Shares of Altria closed at $50.19 yesterday.
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