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 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.