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Price Bump After Altria Group's Announced Product Research Prompts Vetr Downgrade

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The Vetr crowd downgraded its rating on Altria Group Inc (NYSE: MO) Wednesday from the stock's prior rating of 4 stars (Buy), issued nine days ago, to 2.5 stars. Crowd sentiment at the time of the downgrade was generally cautious, with 62 percent of Vetr user ratings bearish.

Share price in the holding company, whose stable of businesses includes several tobacco companies such as Philip Morris, experienced a recent bump of more than 6 percent over the past 10 trading days. The positive trend is due in part to a May 25 announcement from the company regarding FDA trials of a what they are calling a Modified Risk Tobacco Product aimed at offering a less harmful option for smokers.

In tandem with this announcement, analysts with Piper Jaffray initiated coverage on Altria Group at Overweight with a price target of $76. The stock was trading at around $74.50 as of 2 p.m. ET Wednesday.

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Currently, the Vetr crowd's average target price for Altria Group is down at $72.19, which is still above the average analyst target price of $71.55. Less than 2 percent of Vetr users are holding Altria Group in their watch-lists.

Latest Ratings for MO

DateFirmActionFromTo
Jul 2020CitigroupMaintainsBuy
Jul 2020Deutsche BankMaintainsBuy
Jul 2020BarclaysDowngradesOverweightEqual-Weight

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