UPDATE: Citigroup Upgrades Altria Group to Buy on Competitive Positioning

Citigroup raised its rating on Altria Group MO from Neutral to Buy and increased its price target from $37 to $39. Citigroup commented, "We are upgrading MO to a Buy rating as we believe that MO's new management is successfully addressing the Marlboro brand's competitive positioning within menthol, and more specifically with young adult smokers. We are raising our target price to $39 (21% ETR), reflecting market multiple expansion." Altria Group closed at $33.61 a share on Thursday.