FDA authorization of first menthol e-vapor positive for Altria, says Stifel

The FDA announced the authorization of four NJOY menthol flavored products, the first menthol e-vapor authorizations issued by the agency, which Stifel analyst Matthew Smith views as a positive for both Altria and the other major e-vapor brands. The firm maintains a Buy rating for Altria with a $50 price target and says it expects NJOY to benefit from increased distribution, better visibility, and building consolidation behind legal products as enforcement against the illicit market increases.