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Morgan Stanley Keeps 'Overweight' on Altria


Morgan Stanley keeps overweight on Altria Group (MO).

Analyst David Adelman says while he maintains his positive view on Altria's stock, he anticipates two likely short-term negative developments. First, he notes his talks with industry sources lead him to believe that Illinois' 5th District Court of Appeals will likely find that the trial judge lacked the authority to alter the required $12 billion Miles bond, which he thinks will increase the market's legal anxiety.

Second, he thinks second-quarter unit volume growth at Philip Morris International will likely increase by only 1%-1.5%, which clearly trails the market expectations of about +4%


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