Altria Group Inc (NYSE:MO) shares are trading lower Wednesday following bearish analyst coverage from Morgan Stanley.
Morgan Stanley analyst Pamela Kaufman downgraded Altria from an Equal-Weight rating to an Underweight rating and announced a $50 price target, citing lower cigarette sales volumes as a result of rising gas and food prices.
Kaufman now expects cigarette industry volumes to be down 7.5% in 2022. As a result, the risk-reward potential of Altria is skewed to the downside, the Morgan Stanley analyst added.
Related Link: Morgan Stanley Downgrades Altria Group On Growing Headwinds
MO Price Action: Altria shares have a 52-week high of $57.05 and a 52-week low of $42.53.
The stock was down 7.01% at $50.23 at press time, according to data from Benzinga Pro.
Photo: Myriams-Fotos from Pixabay.
