Goldman Sachs raised the firm’s price target on Altria Group (MO) to $57 from $53 and keeps a Buy rating on the shares. The company’s Q3 results demonstrated strong execution in a tough macro environment that resulted in robust net price realization and a return to OCI dollar profit growth in Smokeables, and while the cig inventory timing benefit should reverse in Q4, this should broadly be offset by an additional shipping day that is estimated to be similar benefit to Q3, the firm added.
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