On Tuesday, tobacco company Altria Group Inc (MO
The company has lifted its valuation range from $2.51-$2.56 per share to a new range of $2.57-$2.62 per share. Wall Street analysts’ expect the company to earn $2.39 per share in fiscal 2013.
This change in guidance comes after the Arbitration Panel Decision on September 11, which involved the non-participating manufacturer adjustment dispute that six out of 15 states failed to enforce laws in 2003 that required escrow payments from the cigarette manufacturers that have not signed the Master Settlement Agreement. Altria’s subsidiary Philip Morris USA now expects to receive a credit of about $145 million.
Altria shares were mostly flat during pre-market trading Tuesday. The stock is up 12% YTD.
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