Cigarettes are both a positive and a negative for Altria (NYSE: MO), the U.S. owner of the iconic Marlboro cigarette brand. With a huge 8% dividend yield, income-focused investors might be inclined to take a glass-half-full view here. But more conservative types should probably think about the risks more carefully. Here's why the 18% drop from the 52-week may not be a worthwhile risk/reward opportunity.

The past year or so has been a volatile one, with the S&P 500 Index down around 14% from its 52-week high. So Altria has lagged the market. It has also lagged other cigarette stocks, notably including Philip Morris International (NYSE: PM), a company Altria spun off that controls the international rights to Marlboro, which is down only about 10% from its high over the past year.

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Source Fool.com