Altria Group Shares Hit New High
Thursday January 11, 12:21 pm ET
Smoke and Fire: Altria Climbs to New High As UBS Sees More Value in Shares
NEW YORK (AP) -- Shares of Altria Group Inc. rose to a new all-time high Thursday after a UBS Investment Research analyst raised his price target on the tobacco and food maker's stock, saying it didn't rise as much as other cigarette makers in 2006.
Altria Group gained about 13 percent last year, roughly inline with the overall stock market. However, competitors in the cigarette industry rose more. Reynolds American Inc., which makes Camel and Winston, added 37 percent and Carolina Group, which makes Newport and Kent, rose 38 percent.
Analyst Jonathan Leinster raised his price target on Altria to $94 from $81 to account for higher stock values in the cigarette sector. Investors haven't rewarded Altria as much as other cigarette companies because profit growth is slower, he said.
Through its Philip Morris division, New York-based Altria makes the Marlboro, Benson & Hedges, and Parliament cigarette brands. Altria also makes food through majority owned subsidiary Kraft Foods Inc.
Leinster said Altria will probably finish spinning off Kraft Foods to shareholders by May. This will be good for the company, he said, but investors have already anticipated the benefits and priced them into the stock.
Shares of Altria rose $1.15 to a new high of $90.50 in midday trading on the New York Stock Exchange before slipping back to $90.26, up $1.27.
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