Cowen downgraded Altria (NYSE: MO) from Outperform to Market Perform with a price target of $65.00 (from $62.00) on valuation.

Analyst Vivien Azer commented, "We downgrade MO to Market Perform from Outperform. We continue to be fans of the consistent long-term EPS growth that MO offers investors, but valuation has become challenging. While we maintain our 20x target multiple, and roll-forward our valuation to 2017 EPS, our revised PT of $65 yields only 9.3% ETR, warranting a Market Perform rating."

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 $61.53 yesterday.