UPDATE: Oppenheimer Upgrades Vector Group (VGR) to Outperform
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Oppenheimer analyst Ian Zaffino upgraded Vector Group (NYSE: VGR) from Perform to Outperform with a price target of $18.00 after the company announced the separation of Douglas Elliman, as an independent entity (ticker: DOUG).
The analyst stated "We believe this move unlocks significant value, as it allows DOUG to operate as an asset-light, debt-free realtor and pursue significant M&A. VRG, on the other hand, is a much simplified story and, as an almost-pure-play cigarette company, becomes a more natural M&A candidate. Separately, the company reported in-line 3Q21 EBITDA, helped by outperformance at Real Estate. No change to estimates. Owing to the transaction, we upgrade shares to Outperform and initiate an $18 target price."
Shares of Vector Group closed at $14.21 yesterday.
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