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Fly News Breaks for July 11, 2019
MO
Jul 11, 2019 | 20:25 EDT
Goldman Sachs analyst Judy Hong upgraded Altria to Buy and kept her price target at $59, saying the valuations in the tobacco sector are trading at a 10-year trough in spite of the "more accommodating" macro backdrop for Consumer Staples that includes a late cycle and lower yields. The analyst believes that cigarette fundamentals will hold up "better than feared", regulatory concerns will subside, and companies will see a contribution from Next Generation tobacco products.
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