Davenport Upgrades Alliance One International, Inc. (AOI) to Buy
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Davenport upgrades Alliance One International, Inc. (NYSE: AOI) from Neutral to Buy with a $10 price target.
The firm said, "First, we now believe that the uncertainty regarding Japan Tobacco’s leaf procurement is better reflected in the stock price. Second, we continue to wait for news regarding JT’s leaf procurement ability in Brazil as well as its processing capacity in the U.S. Ultimately, we expect any change to take several years to work through. The worldwide tobacco leaf market remains well balanced and there is not a replaceable supply of tobacco leaf available. The risks include whether JT makes additional announcements regarding further long-term leaf procurement arrangements or builds additional leaf processing capacity in the U.S."
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