UPDATE: Stifel Nicolaus Upgrades Altria Group to Buy on Valuation, Yield

Stifel Nicolaus upgraded Altria Group

from Hold to Buy and announced a $36.00 price target. Stifel Nicolaus commented, "We've been increasingly attracted to the stock as it pulled back from the mid-$30 range and believe this represents a good place for investors to begin building positions. The outlook for Altria's business remains solid, in our view, as we estimate a continuation of the 8% EPS growth trajectory for the business with upside potential throughout the year. … We believe the stock has solid downside support afforded by its current 5.5% dividend yield which remains at a significant premium in relation to the 10-year treasury for example." Altria Group closed at $31.90 on Wednesday.