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Latest Thoughts From RBC.... July 25, 2022 Altria Group, Inc. Latest Thoughts Heading into 2Q'22 Earnings Our view: For 2Q’22, we are modeling net sales down -6% (cons. -4%), smokeable volumes -13.6% Y/Y (cons. -10.4% Y/Y), and EPS of $1.24 (cons. $1.25). Based on our channel checks, we have a downside bias on the quarter as trade-down in the cigarette category continues and Marlboro loses market share (impact of high gas prices and high inflation, shrinking consumer wallets). That being said, given the stock underperformance over the past few months on news around JUUL and nicotine reduction, we do not expect MO shares to sell off after its earnings. |
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