Altria Group upgraded to Neutral from Sell at UBS

UBS analyst Faham Baig upgraded Altria Group (MO) to Neutral from Sell with a price target of $59, up from $47. Following conversations with experts across the supply chain and the firm’s tracking of vapor products, the analyst believes increased customs inspections at the U.S. border are leading to more refusals and/or seizures of illicit vapes, which could benefit cigarette volumes. The rapid growth of illicit vapes over the past five years is proving a significant headwind for Altria and tobacco companies, so the recent signs of increasing crackdowns is a positive for the company and the group, the analyst tells investors.