J.P. Morgan Comments on Altria Group's FY2010 Earnings (MO)

J.P. Morgan is out with its report on Altria Group MO, commenting on MO's FY2010 earnings. In a note to clients, J.P. Morgan writes, "FY adjusted EPS $1.90 (2009 $1.75) compares with our estimate of $1.90 and Bloomberg consensus of $1.90 (range $1.88-$1.92). Guidance for 2011 on an adjusted basis $2.01 - $2.07 ex SABMiller special items. Our FY estimate prior to the results was $2.02, with Bloomberg median at $2.03. On our 2011E EPS of $2.04 the stock trades at 11.9x and yields 6.6%. Given that the company continues to deliver, and that our estimate is at the low end of guidance, this looks good value we believe." J.P. Morgan maintains Overweight on MO. Shares of MO are trading at $24.25, down 0.06% from yesterday's close.