BUZZ-E-cigarettes: Bullish Analyst Turns Cautious

Source from:  Lse.co.uk 01/28/2015

** Wells Fargo analyst Bonnie Herzog, long-time bull on the e-cigarette industry, says she has become more cautious given increased uncertainty among investors, retailer/industry contacts & consumers in last 6-12 mths

** Believes uncertainty caused by "mixed messages from the media, lack of FDA regulation or leadership & lack of vapor industry or public health alignment, which are in turn driving worsening public perception of the vapor category"

** While Herzog more cautious near term, remains bullish in long term & still believes consumption of vapor products & other non-combustible tobacco products could surpass traditional cigarettes by 2023

** Big Tobacco cos including Philip Morris, British American Tobacco, Imperial Tobacco & Reynolds American all make e-cigarettes.