Altria Group price target lowered to $66 from $72 at BofA

BofA analyst Lisa Lewandowski lowered the firm’s price target on Altria Group (MO) to $66 from $72 and keeps a Buy rating on the shares. The firm called Altria’s Q3 performance “mixed,” noting that cigarette sales were in line with expectations, but adding that while cigarette volume declines “eased,” it was driven by value brand Basic, and Marlboro’s volume drop accelerated quarter-over-quarter as consumers traded down. Overall, BofA noted, Altria lost 6.1pts of oral tobacco share. Despite the price target cut, BofA reiterates its Buy rating due to the stock’s “reasonable valuation.”