Jefferies Starts Reynolds American (RAI) at Buy
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Jefferies initiates coverage on Reynolds American (NYSE: RAI) with a Buy rating and a price target of $61.00.
Analyst Owen Bennett commented, "We initiate on Reynolds with a Buy, a US $61 target, and see 12 month TSR of c33%. Expected near-term organic EBIT development is peer best and also much improved vs. what we have seen in the past as share gains, cost saves and vapour development support. Excellent FY17 growth, recommencement of the buyback and an improving dividend yield should see further re-rating after multiple gains trailing Altria over the last 12 months."
Shares of Reynolds American closed at $47.66 yesterday.
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