UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Altira Group
In a report published Friday, Jefferies & Company reiterated its Hold rating on Altria Group (NYSE: MO), and slightly raised its price target from $32.00 to $33.00.
Jefferies noted, “MO's 3Q12 adj. EPS of $0.58 was in line with consensus, and an incremental $500 million share repo authorization and 7% dividend increase should please investors. However, our concerns about the cigarette pricing environment continue. Marlboro net retail prices were virtually flat and management did not indicate a near term end to the current promotional strategy as it helps to keep price sensitive smokers in the brand family.”
Altria Group closed on Thursday at $32.10.
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Tags: Jefferies & Company