Turning Point Brands initiated with a Buy at Alliance Global Partners

Alliance Global Partners analyst Aaron Grey initiated coverage of Turning Point Brands (TPB) with a Buy rating and $80 price target The firm views Turning Point’s initiatives within its legacy businesses of Stoker’s and Zig-Zag providing opportunity for modest growth at a healthy margin, the analyst tells investors in a research note. Alliance Global sees an opportunity for a multiple re-rating, if the company demonstrates the ability to position itself within the nicotine pouch category, as this would give confidence in long-term profitable growth, leading to additional cash flow generation.