Altria Group price target lowered to $61 from $65 at BofA

BofA lowered the firm’s price target on Altria Group (MO) to $61 from $65 and keeps a Buy rating on the shares. The firm trimmed its FY25 and FY26 EPS estimates to $5.31 and $5.56 from $5.39 and $5.66, respectively, to layer in updated management commentary and added uncertainty regarding NJOY and lower EPS growth outlook. While the firm believes there are persistent challenges ahead for the U.S. nicotine industry, the firm sees the company’s “Optimize & Innovate Initiative” and some election-related tailwinds as “supportive of continued upward stock price movement in 2025.”