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JeffriesPreview 3Q/Update Numbers: Multiple Unfairly Depressed; Sizable Possible Upside was overdone. The situation since then, from a multiple perspective, has actually worsened, yet our conviction has strengthened, with key 2Q data points generally supportive, recent encouraging updates on Juul/RRP, and macro positioning relatively favorable. With 3Q key data points also expected to be moving in the right direction, we stay at Buy. PT $51. |
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