Piper Jaffray Downgrades Altria (MO) to Neutral

(Updated - September 10, 2019 6:06 AM EDT)

(updated to expand analyst comment)

Piper Jaffray analyst Michael Lavery downgraded Altria (NYSE: MO) from Overweight to Neutral with a price target of $49.00 (from $64.00).

• Says possible deal with PM raises questions.
• Says clarity on vapor is "a ways off."

The analyst comments "We do not know terms of a potential PM/MO deal, but interest in a deal without a premium suggests more stress on underlying fundamentals and management’s outlook than we had appreciated. Potential JUUL earnings may be underappreciated, but we are less confident on FDA and FTC approval."

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 $44.04 yesterday.

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