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Friday March 12, 04:28
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Altria downgraded on concerns over pending litigation
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Analyst Robert Campagnino at Prudential downgraded Altria to "neutral weight" from "overweight," as two pending tobacco-related litigation events makes the stock's risk vs. reward profile "unattractive" over the next 3 to 6 months. Campagnino believes the tobacco industry is heading for a trial in the Dept. of Justice lawsuit, and believes there is a strong possibility that the Florida Supreme Court will review the Engle class action lawsuit, which may delay the Kraft spin-off. He kept his price target at $54, and acknowledged that there was still "unrealized value" from a spin-off of its Kraft business, but he feels "a significant percentage" of that value has already been realized. The stock, a component of the Dow industrials, closed Thursday down $1.44 at $56.32, after reaching an intraday high of $58.96 the day before, the highest price seen since November 1998.
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