Juul Labs has narrowly avoided insolvency thanks to its two major shareholders – Nick Pritzker and Riaz Valani – who provided the company with the cash it needs to stay afloat. However, further action will be required to keep the company alive.
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Juul is expected to shrink its workforce by 30%, implying a reduction of about 400 employees. Furthermore, it will need to cut its operating expenses by about 40%.
Although Juul is a private company, Altria (NYSE: MO) is a major shareholder of the company.
Is MO a Good Stock to Buy?
Turning to Wall Street, MO stock has a Hold consensus rating based on two Buys, three Holds, and two Sells assigned in the past three months. The average MO stock price target of $88.71 implies over 102% upside potential.
