Altria (MO): The Forensic Case That Death-Spiral Math Is Running In Reverse
Altria has re-rated 27% to ~$72, yet still trades at 13x against a 19x historical average while consensus prices three demonstrably wrong calls: a "volume cliff" offset by relentless pricing power, a smoke-free option marked near zero after NJOY, and a ~$9B ABI stake buried by single-multiple math. Forensic case: BUY, $82 in 12 months, $95+ long-term.