Reynolds American to host special shareholder meeting Special shareholder meeting to approve the issuance of shares of common stock to Lorillard shareholders as consideration in the merger of the two companies will be held on January 28 at 9 am.
Wells Fargo calls Tobacco 'place to be,' upgrades Altria Group Wells Fargo calls the U.S. Tobacco sector the "place to be" in consumer staples in 2015. Wells lists positive catalysts for the group as stronger pricing power, protection from currency risk and upside potential from e-cigarettes. The firm says Reynolds American (RAI) remains its top pick and it raised its price target range for shares to $79-$81 from $69-$71. Wells upgraded Altria Group (MO) to Outperform from Market Perform with an increased price target range of $56-$58. The firm also has an Outperform rating on Lorillard (LO). Wells has a "high conviction" that Reynolds' deal with Lorillard will be approved by the FTC in March or April.