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MO

Altria Group

$40.93

0.78 (1.94%)

, CRON

Cronos Group

$8.84

-0.305 (-3.34%)

12:04
09/30/19
09/30
12:04
09/30/19
12:04

Altria puts Begley on Cronos board with Crosthwaite stepping down for Juul

Cronos Group (CRON) announced that, in connection with its investment in the company, Altria Group (MO) has appointed Jody Begley to the Cronos Board of Directors. Begley is currently Senior Vice President, Tobacco Products for Altria. Altria's appointment replaces one of its previous director designees, K.C. Crosthwaite, who has resigned from the Cronos board "to devote more time to his new position as CEO of JUUL Labs."

MO

Altria Group

$40.93

0.78 (1.94%)

CRON

Cronos Group

$8.84

-0.305 (-3.34%)

MO Altria Group
$40.93

0.78 (1.94%)

09/18/19
SBSH
09/18/19
NO CHANGE
SBSH
Philip Morris, Altria Group merger getting more probable, says Citi
Citi analyst Adam Spielman believes a merger between Philip Morris (PM) and Altria Group (MO) is getting more probable. If shareholder pressure was going to cause the managements to cancel the deal talks, we probably would have heard by now, Spielman tells investors in a research note. Juul is unlikely to be a big part of the merger, so the crackdown on e-vapor flavors will not make much of a difference to the merger, adds the analyst. He believes that if there's a "plain vanilla merger," the emphasis will be on the potential profit from new products in the U.S. However, there are "significant weaknesses to this argument," says Spielman.
09/20/19
BOFA
09/20/19
NO CHANGE
Target $54
BOFA
Buy
BofA/Merrill reiterates Buy rating on Altria amid 'storm system of concerns'
Altria Group (MO) has lost $11.8B in market value, or nearly all of the $12.8B it invested in Juul in December, since August 23, noted BofA Merrill Lynch analyst Lisa Lewandowski. She acknowledges that there may be additional downside for the stock given negative news regarding youth incidence, vaping illnesses, and bills in the Senate, though Lewandowski reiterates a Buy rating on Altria, which she still sees as best positioned to adapt to U.S. industry challenges. The analyst, who awaits further comments from the management of Altria and Philip Morris (PM) about a possible merger, has a $54 price target on Altria shares.
09/24/19
MSCO
09/24/19
NO CHANGE
Target $44
MSCO
Equal Weight
Altria could rise 20%+ if deal an acquisition, not merger, says Morgan Stanley
Morgan Stanley analyst Pamela Kaufman said she expects Philip Morris (PM) and Altria Group (MO) to announce the outcome of their merger talks in the coming weeks. If the deal is confirmed as an all-stock merger of equals consistent with media reports, which she attributes a 70% probability of happening, than she expects Altria shares to be flat at about $41 per share. In a scenario where the companies end talks to merge without a deal, Kaufman sees Altria shares rising about 8% as she calculates a $44 price target for the standalone business assuming its stake in Juul is worth $8.5B, or about two-thirds of the price paid. She sees 20% odds of this scenario. In a third scenario, a deal is financed through a combination of debt and equity. She believes Philip Morris could pay $50 per share for Altria and generate 18%-20% EPS accretion by 2022. In that last scenario, she sees 22% upside potential for Altria shares, though Kaufman only gives such a deal a 10% chance of happening. Kaufman maintains an Equal Weight rating with a $44 price target on Altria shares.
09/26/19
WELS
09/26/19
NO CHANGE
WELS
Wells Fargo not surprised Philip Morris, Altria Group ended merger talks
Wells Fargo analyst Bonnie Herzog says that while she is dismayed by the announcement that Philip Morris (PM) and Altria (MO) have ended merger talks, she is not all that surprised given the length of negotiations and the litany of negative FDA/health headlines throughout. The analyst expects the stocks to trade up sharply since "clearly the market wasn't in favor of this combination." Herzog adds that it appears to her the talks fell apart over JUUL and the companies announced they have agreed to focus on launching iQOS in the U.S. "as part of their mutual interest to achieve a smoke free future." The analyst continues to believe Philip Morris/Altria have a competitive advantage, especially in this environment, with iQOS. She continues to "strongly recommend" both stocks, with Philip Morris remaining her top stock pick.
CRON Cronos Group
$8.84

-0.305 (-3.34%)

09/05/19
BMOC
09/05/19
UPGRADE
BMOC
Market Perform
Cronos Group upgraded to Market Perform from Underperform at BMO Capital
BMO Capital analyst Tamy Chen upgraded Cronos Group to Market Perform from Underperform with a price target of C$16, down from C$17. After being cut in half since March, Cronos shares are now trading at 13 times estimated 2020 revenues, which is largely in line with the valuations of other large, publicly traded licensed cannabis producers, Chen tells investors in a research note. However, the analyst continues to believe the company's production and recreational sales volumes are "somewhat behind" some of the other producers. Further, there remains significant industry uncertainty over the coming quarters in the timing of value-add product roll-outs, says Chen.
09/19/19
MKMP
09/19/19
INITIATION
MKMP
Neutral
Cronos Group initiated with a Neutral at MKM Partners
MKM Partners analyst Bill Kirk initiated Cronos Group with a Neutral and C$14 price target.
09/20/19
MKMP
09/20/19
INITIATION
MKMP
Neutral
MKM Partners starts Cronos Group at Neutral with C$14 price target
As previously reported, MKM Partners analyst Bill Kirk initiated Cronos Group (CRON) with a Neutral and C$14 price target, citing his view that the company is wise to build an intellectual property moat around its brands rather than focus on cultivation. Cronos has strong branded and distribution advantages and a strong infrastructure partner in Altria (MO) and Kirk sees the company as unlikely to ultimately grow its raw materials, stating that he believes the "odds better favor Cronos" although the path to brand differentiation is "long and unpredictable."
09/26/19
COMP
09/26/19
NO CHANGE
COMP
Cannabis banking bill should find path to passage in Senate, says Compass Point
After the House of Representatives cleared the SAFE Banking Act by a vote of 321 to 103, Compass Point analyst Isaac Boltansky said the bipartisan clearance of the cannabis banking bill should be viewed as a tailwind for the bill's prospects in the Senate and he continue to think it will find "a path to passage" as part of a broader legislative package. He thinks that the SAFE Act will expand access to banking services for legal cannabis operators, but cautions that any immediate expansion is likely to be modest. Publicly traded companies in the cannabis space include Aphria (APHA), Aurora Cannabis (ACB), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Canopy Growth (CGC), Cronos Group (CRON), General Cannabis (CANN), India Globalization Capital (IGC), Tilray (TLRY), and Trulieve Cannabis (TCNNF).

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Albemarle

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BOX

Box

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CTVA

Corteva

$26.74

0.54 (2.06%)

05:30
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Informa

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LPKFF

LPKF Laser & Electronics

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ETN

Eaton

$91.87

-0.35 (-0.38%)

05:28
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COVTY

Covestro

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PPRUY

Kering

$0.00

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FCAU

Fiat Chrysler

$16.11

-0.1 (-0.62%)

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PUGOY

Peugeot

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UAVS

Ageagle Aerial Systems

$0.42

0.0385 (10.13%)

05:25
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Conference/Events
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NNGRY

NN Group

$0.00

(0.00%)

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ERJ

Embraer

$17.10

-0.22 (-1.27%)

05:23
11/12/19
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Earnings
Embraer backs FY20 revenue view of $2.5B-$2.8B »

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PRBZF

Premium Brands

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ERJ

Embraer

$17.10

-0.22 (-1.27%)

05:21
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Earnings
Embraer backs FY19 revenue guidance of $5.3M-$5.7M, consensus $5.37M »

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OZMLF

Oz Minerals

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SESN

Sesen Bio

$1.14

(0.00%)

05:20
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ERJ

Embraer

$17.10

-0.22 (-1.27%)

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Earnings
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AAXN

Axon

$64.41

-0.95 (-1.45%)

05:18
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INFO

IHS Markit

$68.90

-0.72 (-1.03%)

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PLNT

Planet Fitness

$67.73

-0.7 (-1.02%)

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