The taboo against owning cigarette stocks hasn’t gone away, but new gray areas are emerging.  Companies that make a big share of their sales from smoke-free products like vapes appear to be rejoining polite society, and are getting a boost to their stock-market valuations as a result. Philip Morris International is already in this camp, and British American Tobacco might be on its way. Investors who bought BAT shares two years ago have roughly doubled their money, a better run than the Magnificent Seven. All tobacco stocks have done well over the period, including Marlboro’s U.S. maker, Altria Group, which…

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