Altria Group price target raised to $60 from $54 at Stifel

Stifel raised the firm’s price target on Altria Group (MO) to $60 from $54 and keeps a Buy rating on the shares. Due to a robust profit performance in the Smokeable business, which benefited from some inventory movements that were more favorable than anticipated, Altria reported a stronger third quarter business performance than the firm expected. While inventory contributed to the beat in EPS this quarter, the stronger than anticipated profitability of the Smokeable business was reassuring as the company lapped stepped up investment levels in the prior year, says the firm, which adds that remains “confident” in the company’s ability to achieve its medium term guidance with a new $600M cost savings plan providing fuel for reinvestment behind smoke-free products.