This is again the tune being sung on Wall Street as Altria and other tobacco stocks are back in favor, reports the New York Times. Despite the general disapproval of smoking in developed countries, there's still plenty of smokers in other parts of the world and even in the U.S. the threat of litigation seems to have bottomed out., say analysts.

As one tells the paper, the product's cheapness and addictiveness makes it a sure winner. Despite a continued drop in the number of smokers in the U.S. and Europe, those that remain still produce a sure and steady and significant cash flow.

And the spin-off of Kraft, now seen as a dowdy business despite owning so many classic brands, will only increase Altria's popularity and value.

The short-term prospects for tobacco may look strong but it's not a stock for the long term. Even in China and other growing international markets the health costs of smoking are soon going to take a toll. And in the U.S., despite a rear guard action to preserve smokers' rights, the fact is that smoking is becoming less and less acceptable and that will only whittle away at the number of smokers. Just remember that a smoking ban was unthinkable in Nevada until Question 5 passed at the last election.