Citi Reiterates Neutral Rating on Altria (MO)

Citi analyst Adam Spielman reiterated a Neutral rating and $52.00 price target on Altria (NYSE: MO).

The analyst comments "Altria have just presented at the CAGNY conference and has reiterated its FY25E guidance EPS metrics $5.22 to $5.37. Unsurprisingly, the presentation focused on the prospects for/MO’s ability to win in smoke-free in the US. The CEO noted that the total US nicotine volumes have grown at a +2% CAGR over the last five years due to the consumer shift to vapour and modern oral but that the growth of illicit vapour meant that the current FDA regulatory approach to nicotine was broken. Nevertheless, MO are hopeful the new administration will improve the regulatory system. On NJOY, given the product is one of the few with a PMTA, they believe they have strong public-interest case to appeal the ITC ban. Elsewhere, they expect heated-tobacco will account for 5% of US nicotine in the long-term, while in Smokables, they are confident in driving ongoing profit growth, underpinned by its RGM initiatives."

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Shares of Altria closed at $52.75 yesterday.

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