-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：在MO发布第一季度财报后，我们上调了对该股的盈利预期和目标价，但维持“卖出”评级。我们将12个月目标价上调10美元至60美元，基于2027年10.3倍的市盈率，略高于其五年平均预期市盈率10.0倍。我们还将2026年和2027年的调整后每股收益预期分别上调0.05美元至5.70美元和5.80美元。MO第一季度调整后每股收益为1.32美元，高于市场预期的1.23美元（增长7%）。这一业绩远超1.25美元的普遍预期。净收入增长5.3%至47.6亿美元（超出市场预期1.8亿美元），主要得益于价格上涨完全抵消了销量下滑的影响。其中，可吸食产品销量下滑2.3%，口服烟草销量下滑3.1%。尽管MO维持了2026年调整后每股收益5.56美元至5.72美元的预期，但我们现在预计其盈利将接近预期区间的高端。然而，MO的财报证实了我们对旗下on!尼古丁袋产品市场份额下滑的担忧（第一季度零售份额同比下降80个基点至7.8%）。因此，我们仍然认为该股的风险/回报比不利。
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