Market 'Unrealistically Pessimistic'

Source from:  Tobacco Reporter 12/23/2008

Dec 22, 2008-Morgan Stanley has upgraded the US tobacco sector to 'attractive' from 'in-line', saying governments might be wary of increasing tobacco taxes significantly, according to a Reuters report. "While we acknowledge the potential that earnings may be under some short-term pressure, we continue to anticipate moderate long-term industry operating profit growth," said analyst, David Adelman, who called the current market scenario 'unrealistically pessimistic'. Enditem