Oppenheimer raised the firm’s price target on Turning Point Brands (TPB) to $120 from $110 and keeps an Outperform rating on the shares. The firm believes Turning Point Brands remains well positioned to capitalize on the rapid growth in the nicotine pouch category, which could exceed $10B by 2030, vs. $4B-$5B currently. The company’s retail-focused FRE brand has seen increased distribution in C-stores, while ALP continues to perform well in the e-commerce channel and has started to expand into retail, Oppenheimer adds.
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