S&P Equity Research Downgrades Loews Corp-Carolina Group
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Price: $49.22 -0.55%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
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S&P Equity Research downgrades Loews Corp-Carolina Group (NYSE: LTR) (NYSE: CG) from Buy to Hold.
S&P analyst, E. Kwon, says, "Loew Corp. (NYSE: LTR) says its board approved a plan to spin off its entire interest in Lorillard to LTR and CG in a tax-free transaction, resulting in a separate publicly traded company. The spin-off is expected to be completed by June or July '08. We think the transaction will unlock value for shareholders by removing the tracking stock discount, and we are raising our target price by $4 to $98, based on an 18X P/E on our '08 EPS, at the high end of CG's historical range and peers'. However, with limited upside seen to our new target price, we view CG as fully valued."
Loews Corporation is a holding company.
S&P analyst, E. Kwon, says, "Loew Corp. (NYSE: LTR) says its board approved a plan to spin off its entire interest in Lorillard to LTR and CG in a tax-free transaction, resulting in a separate publicly traded company. The spin-off is expected to be completed by June or July '08. We think the transaction will unlock value for shareholders by removing the tracking stock discount, and we are raising our target price by $4 to $98, based on an 18X P/E on our '08 EPS, at the high end of CG's historical range and peers'. However, with limited upside seen to our new target price, we view CG as fully valued."
Loews Corporation is a holding company.
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