Turning Point Brands initiated with a Hold at Needham

Needham initiated coverage of Turning Point Brands (TPB) with a Hold rating and no price target The firm sees a lot to like about Turning Point, namely its nicotine pouch opportunity and growing legacy Stoker’s smokeless tobacco business. However, much of the good news and “very lofty” expectations around the nicotine pouch opportunity are already priced into the stock, the analyst tells investors in a research note.