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Fly News Breaks for March 23, 2018
MO, PM
Mar 23, 2018 | 06:11 EDT
The recent selloff in the Tobacco space is unjustified and current valuations offer an "attractive buying opportunity," Piper Jaffray analyst Michael Lavery tells investors in a research note. The analyst views Philip Morris (PM) and Altria Group (MO) as "long-term winners." Tobacco companies continue to enjoy strong pricing power, barriers to entry, and a favorable position with the retail trade, the analyst contends. His analysis suggests lower risk products are beneficial to category trends, and expects lower excise taxes versus cigarettes to remain in place.
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