As previously reported, BofA upgraded Altria Group (MO) to Buy from Neutral with a price target of $65, up from $55. Key themes that the firm thinks should bolster sentiment and hold potential for positive earnings revisions include Republican administration priorities; any improvement in lower-income consumer wallets that could re-charge the convenience channel; consensus not fully reflecting the net benefit of the company’s new $600M cost savings program; and the fact that a rising market could continue to lift value stocks.
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Read More on MO:
- Altria Group call volume above normal and directionally bullish
- Altria Group price target raised to $46 from $45 at Barclays
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