Altria Group price target raised to $72 from $65 at Stifel

Stifel analyst Matthew Smith raised the firm’s price target on Altria Group (MO) to $72 from $65 and keeps a Buy rating on the shares after Altria’s board approved a 3.9% increase in the company’s quarterly dividend. Altria has raised its dividend every year since 2008 and at a compound annual growth rate of nearly 8%, slightly outpacing its “consistent” EPS growth over that time, notes the analyst, who adds that this year’s increase “keeps that streak alive.” The firm expects continued mid-single digit dividend increases in the medium-term, the analyst added.