.September 19, 2024 03:17:00 AM

Roth/MKM analysts initiated coverage on Turning Point Brands (NYSE:TPB) with a Buy rating and a $50 price target on the stock. Turning Point Brands is a key player in the nicotine, tobacco, and cannabis markets, with a strong market share in rolling papers, wraps, and moist snuff tobacco. The analysts believe TPB has significant potential to expand in the rapidly growing modern oral category and benefit from the $100 billion U.S. cannabis and hemp industry. They anticipate high single-digit revenue and EBITDA growth by 2026, driven by growth in nicotine pouch offerings and a favorable shift in product mix.