Citi analyst Adam Spielman upgraded Altria Group to Buy from Neutral with a price target of $60, up from $47. It is becoming hard to argue that "tobacco is being disrupted," Spielman tells investors in a research note. He believes investors will start to care less about "reduced risk products" and points out that traditional tobacco companies have fallen to price-to-earnings multiples last seen when litigation meant bankruptcy was a realistic prospect. As a result, Spielman is "getting much more bullish on the cigarette companies." He upgraded Altria Group while downgrading Philip Morris (PM) to Neutral with an unchanged price target to $90.