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According to the report, Christopher Growe, managing director of Stifel Nicolaus Equity Research, said in July that the competition from Marlboro "is likely to serve as a headwind this year" for Pall Mall and "likely to temper the brand's growth." Bonnie Herzog, a Wells Fargo Securities analyst, said the rivalry could turn into a marketing "bloodbath." "Although we believe Pall Mall continues to resonate with value-seeking consumers, the brand is not immune to competitive pressures and, therefore, we are projecting a deceleration in the brand's growth," Herzog told the paper