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February 20, 2013
08:27 EDTMOAltria Group shares should be bought aggressively, says Wells Fargo
Wells Fargo has increased confidence in Altria Group's earnings outlook as the firm thinks the company has several upcoming positive catalysts. The firm maintains an Outperform rating on the stock.
News For MO From The Last 14 Days
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May 27, 2015
11:23 EDTMOReynolds American, Lorillard higher after being granted FTC approval for deal
U.S. tobacco companies Reynolds American (RAI) and Lorillard (LO) are trading higher this morning after the Federal Trade Commission agreed to approve the companies' $27.4B merger under the condition that they divest some brands. WHAT'S NEW: The FTC last night said it would allow the merger between Reynolds and Lorillard to move forward under the condition that the companies sell four cigarette brands to Imperial Tobacco Group (ITYBY). The proposed order requires Reynolds to divest to Imperial four established cigarette brands: Winston, Kool, Salem and Maverick. The FTC also is requiring Reynolds to divest Lorillard's production facilities in Greensboro, North Carolina, and will give Imperial the opportunity to hire most of the existing staff at the facilities. Reynolds and Lorillard will also have to temporarily provide Imperial with retail shelf space. The last significant hurdle to close the deal is approval from a federal district court overseeing United States v. Philip Morris USA Inc., et al. According to a statement from Reynolds and Lorillard, "The companies have requested that the court rule expeditiously, and they are confident that the acquisition and related transactions will close by the end of June." WHAT'S NOTABLE: Marlboro brand owner Altria Group (MO) has a 47% U.S market share, followed by Reynolds with a 26% share and Lorillard (LO) at 14%, Reuters reported, citing 2013 data from Euromonitor International. ANALYST REACTION: In a note to investors this morning Cowen upgraded Reynolds American to Outperform from Market Perform with an $86 price target. The firm said that the FTC's clearance of the Reynolds and Lorillard deal is a positive for both and named Reynolds a top pick in U.S.tobacco. PRICE ACTION: Reynolds American is up 2.12% to $77.03 in late morning trading and Lorillard is up over 1% to $72.86. Imperial Tobacco is up 3.2% to $103.56 and Altria is up over 1% to $51.89.
May 26, 2015
18:00 EDTMOFTC requires Reynolds, Lorillard to divest four brands as merger condition
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May 22, 2015
11:59 EDTMOAppeals court ruling mixed for cigarette makers, WSJ reports
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May 20, 2015
13:01 EDTMOAltria Group reaffirms FY15 adjusted EPS view $2.75-$2.80, consensus $2.80
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