ALTRIA’S STOCK RISES AFTER GOLDMAN’S BULLISH CALL
Altria’s stock is currently trading at 50.14-higher by 1.77% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.50%. The stock has continued gaining after the opening bell.
Investment bank Goldman Sachs upgraded the cigarette maker’s stock. The bank upgraded the stock’s rating to buy from neutral. Goldman Sachs, however, maintained its 12-month price target on stocks of Altria at $59 per share.
The bank upgraded Altria citing that tobacco shares valuations are at a 10-year low despite more accommodating macro backdrop for Consumer Staples which includes lower yields and a late-cycle. Goldman expects that cigarette fundamentals will hold up better than feared, regulatory concerns will reduce and companies will see a contribution from Next Generation tobacco products.
On the technical front, the RSI is currently at 53.31% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 49.92 TAKE PROFIT AT 50.42 STOP LOSS AT 49.67