Stifel analyst Christopher Growe said he views Altria's 2% pullback on news that New York's Attorney General is filing a lawsuit against Juul as "both irrational and illogical" given the fact that Altria does not share in this legal liability. Additionally, the value of Juul has already been written down to $8.3B and he believes the actual value embedded in Altria's nearly $90B in equity value is "only a fraction" of that amount. Growe, who thinks today's volatility in the price of Altria shares is "unwarranted" and presents a strong buying opportunity, keeps a Buy rating on the stock.

The company said, "We reaffirm our 2024 full-year adjusted diluted EPS guidance range of $5.05 to $5.17, representing a growth rate of 2% to 4.5% from a base of $4.95 in 2023. We expect 2024 adjusted diluted EPS growth to be weighted to the second half of the year. Our guidance includes the impact of two additional shipping days in 2024 and assumes limited impact on combustible and e-vapor volumes from enforcement efforts in the illicit e-vapor market. While the 2024 full-year adjusted diluted EPS guidance accounts for a range of scenarios, the external environment remains dynamic. We will continue to monitor conditions related to (i) the economy, including the cumulative impact of inflation, (ii) adult tobacco consumer (ATC) dynamics, including purchasing patterns and adoption of smoke-free products, (iii) illicit e-vapor enforcement and (iv) regulatory, litigation and legislative developments. Our 2024 full-year adjusted diluted EPS guidance range includes planned investments in support of our Vision, such as (i) marketplace activities in support of our smoke-free products and (ii) continued smoke-free product research, development and regulatory preparation expenses. The 2024 full-year adjusted diluted EPS guidance range excludes an estimated per share gain of $1.17 related to the sale of the IQOS Tobacco Heating System commercialization rights that we expect to occur in the second quarter of 2024."

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