Altria Group: Hold Rating Amid Earnings Beat, Soft Guidance, and Strategic ChallengesWe think the odds of the USTR overturning the order are low as few orders have been overturned in recent years, although MO is making a public healthy argument as the order would significantly limit FDA-authorized choices for consumers. While MO continues to work on a product solution to address the patents at issue, we believe it will need to decide whether the commercial prospects for NJOY justify a potential financial settlement with JUUL. On that front, MO noted it would be disciplined, Group, Inc. (MO.N) Group, Inc. | Remain EW We remain EW amid continued elevated Smokable volume declines and a limited reduced-risk portfolio (exacerbated by the NJOY litigation loss), but solid financial flexibility. Morgan Stanley & Co.