PM - Altria: E-Vapor Threat Reversed In Q4 Upgrade To Buy
(We previously wrote about Altria, Philip Morris, British American Tobacco and Imperial Brands as "Blue Sky Capital")
Introduction
We initiated our coverage on Altria (MO) with a Bearish rating last June, and upgraded it to Neutral in September after the share price fell 12% in 3 months. We are now upgrading our rating to Buy, after 19Q4 results last Thursday, because of the receding risk from e-vapor:
Since our Neutral rating in September, Altria shares have gained 10.0% (including $1.68 in dividends), ahead of the S&P 500 but behind Philip