Reynolds American upgraded at RBC Capital As noted earlier, RBC Capital upgraded Reynolds American (RAI) to Top Pick from Outperform. The firm expects the company's merger with Lorillard (LO) to be approved in its current form by the end of 1Q15, and it thinks the companies' synergies guidance of $800N is conservative. Moreover, the firm expects Reynolds to generate significant free cash flow, along with higher EPS growth, over the long-term following the deal. Target $72.
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