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MO

Altria Group

$48.89

0.02 (0.04%)

, PM

Philip Morris

$69.51

1.365 (2.00%)

08:59
01/14/19
01/14
08:59
01/14/19
08:59

Altria, Philip Morris valuations remain 'exceptionally cheap,' says Stifel

Stifel analyst Christopher Growe noted that tobacco stocks have underperformed again in 2018, but he believes 2019 should be a year of improvement in terms of U.S. volumes and regulatory threats. He foresees little action from the FDA, with no menthol ban expected by Growe in 2019, and estimates solid operating fundamentals for the industry, including improving U.S. volumes and approval of iQOS. Growe, who believes the valuations of Altria (MO) and Philip Morris International (PM) "remain exceptionally cheap," keeps Buy ratings on both stocks.

MO

Altria Group

$48.89

0.02 (0.04%)

PM

Philip Morris

$69.51

1.365 (2.00%)

  • 07

    Feb

  • 18

    Feb

MO Altria Group
$48.89

0.02 (0.04%)

12/21/18
12/21/18
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Facebook (FB) downgraded to Sell from Hold at DZ Bank. 2. TrueCar (TRUE) downgraded to Neutral from Buy at BTIG with analyst Marvin Fong saying factors outside of the company's control have "increased the degree of difficulty" for 2019. 3. Altria Group (MO) downgraded to Sell from Neutral at Citi with analyst Adam Spielman saying Altria's $12.8B investment for a 35% stake in Juul "is destroying value" but admits it is impossible to be sure because Altria has not revealed any financial details, "despite the scale of the investment." 4. Greif (GEF) downgraded to Market Perform from Outperform at Wells Fargo and to Underperform from Market Perform at BMO Capital. 5. Teradyne (TER) downgraded to Neutral from Outperform at Baird with analyst Richard Eastman saying he sees a moderating sales/profit growth environment through calendar year 2020. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/07/19
COWN
01/07/19
DOWNGRADE
COWN
Market Perform
Altria Group downgraded to Market Perform from Outperform at Cowen
01/07/19
COWN
01/07/19
DOWNGRADE
Target $53
COWN
Market Perform
Altria Group downgraded to Market Perform after Juul deal at Cowen
As reported previously, Cowen analyst Vivien Azer downgraded the Altria Group to Market Perform from Outperform. The analyst said the JUUL investment was probably the right move but said they are now incentivized to accelerate declines in the already deteriorating U.S. cigarette market. Azer lowered her price target to $53 from $74 on Altria Group shares.
01/08/19
PIPR
01/08/19
NO CHANGE
Target $64
PIPR
Overweight
Altria Group price target lowered to $64 from $75 at Piper Jaffray
Piper Jaffray analyst Michael Lavery lowered his price target for Altria Group to $64 but keeps an Overweight rating on the name. The analyst reduced his 2019 earnings per share estimate to $4.20 from $4.36 and 2020 estimate to $4.53 from $4.80 after modeling for Juul economics. He believes, however, that Altria can deliver 7% average earnings growth in 2019-2020, driven by pricing, cost savings, buybacks and equity income. Juul's better economics mitigate Altria's cannibalization impact and its incremental sales add new sources of profit, Lavery tells investors in a research note.
PM Philip Morris
$69.51

1.365 (2.00%)

12/11/18
PIPR
12/11/18
NO CHANGE
Target $75
PIPR
Overweight
Altria could partner with Philip Morris on JUUL stake, says Piper Jaffray
Even after its $1.8B investment in Cronos Group (CRON) for a 45% ownership interest, Altria Group (MO) still has "significant" spending flexibility, Piper Jaffray analyst Michael Lavery tells investors in a research note. The company remains focused on e-vapor category leadership, suggesting it may be preparing to acquire a stake in JUUL, adds the analyst. However, Altria will likely remain committed to its investment grade debt rating, which could cause it to consider partnering with Philip Morris (PM) for a stake in JUUL, especially if a deal is done at higher valuation levels, says Lavery. The analyst believes Altria can deliver double-digit earnings growth over 2018-2020, above its long-term 7%-9% growth target, driven by pricing, tax savings, managing spending, share buybacks and falling interest expense. He keeps an Overweight rating on the shares with a $75 price target.
12/18/18
FBCO
12/18/18
DOWNGRADE
Target $74
FBCO
Underperform
Philip Morris downgraded to Underperform from Neutral at Credit Suisse
Credit Suisse analyst Alan Erskine downgraded Philip Morris (PM) to Underperform and lowered his price target for the shares to $74 from $92. After conducting a survey of next-generation products users in Japan, the U.S. and the U.K., the analyst believes slower progress in the take-up of heated tobacco products and weaker combustible organic growth will challenge the high-single-digit earnings growth models of Philip Morris and British American Tobacco (BTI). Further, exposure to e-vapor favors Imperial Brands (IMBBY), Erskine tells investors in a research note. He believes Philip Morris' "premium" valuation reflects overly optimistic expectations for heated tobacco products. The analyst prefers shares of Outperform-rated Imperial Brands and British American Tobacco to Philip Morris.
12/18/18
12/18/18
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Philip Morris (PM) downgraded to Underperform from Neutral at Credit Suisse with analyst Alan Erskine saying after conducting a survey of next-generation products users in Japan, the U.S. and the U.K., he believes slower progress in the take-up of heated tobacco products and weaker combustible organic growth will challenge the high-single-digit earnings growth models of Philip Morris and British American Tobacco (BTI). 2. Wabco (WBC) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Courtney Yakavonis saying she is losing conviction that Wabco can return to its "normal" margin and outgrowth framework in FY19, citing rolling global truck markets, recent underperformance in core outgrowth, and sustained margin risks as limiting factors to the previously premium multiple. 3. Kansas City Southern (KSU) and Schneider National (SNDR) were downgraded to Neutral from Overweight at JPMorgan. 4. Illinois Tool Works (ITW) and Flowserve (FLS) were downgraded to Underweight from Equal Weight at Morgan Stanley, while Hubbell (HUBB) was downgraded to Equal Weight from Overweight at Morgan Stanley. 5. Worldpay (WP) downgraded to Outperform from Top Pick at RBC Capital with analyst Daniel Perlin saying while the company trades in line with its peers on a relative price-to-earnings basis, its shares remain attractive given the "conservative" expectations for synergy targets. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/28/18
PIPR
12/28/18
NO CHANGE
Target $110
PIPR
Overweight
Philip Morris recent selloff a buying opportunity, says Piper Jaffray
Piper Jaffray analyst Michael Lavery recommends using the recent selloff in shares of Philip Morris as a buying opportunity. The analyst believes tobacco fundamentals remain intact, including pricing power, and he expects continued momentum in Philip Morris' base business. The company's underlying core earnings growth is "strong" and incremental earnings from iQOS are attractive, Lavery tells investors in a research note. The analyst thinks iQOS expectations in Japan look achievable and that Russia represents an underappreciated opportunity. Lavery maintains an Overweight rating on Philip Morris with a $110 price target.

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