BTIG analyst Owen Bennett initiates coverage on Turning Point Brands (NYSE: TPB) with a Buy rating and a price target of $103.00.

The analyst comments "At TPB, after years of lackluster share price performance, the stock is up >200% since the start of 2024. The driver of this is pouches - with the company not far away from becoming a predominant pouch company, and already there for overall RRP when including its legacy oral business. With pouches (and all RRPs), in our view, deserving a sizable premium to broader staples valuations, we see continued upside as this transition persists - albeit flagging it is ALP (its pouch JV) that we believe is the main driver. Less important, but still supportive, it also has exposure to future US cannabis growth. Initiate at Buy, PT $103."

For an analyst ratings summary and ratings history on Turning Point Brands click here. For more ratings news on Turning Point Brands click here.

Shares of Turning Point Brands closed at $80.62 yesterday.