Davenport Upgrades Universal Corp. (UVV) to Buy
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Davenport upgrades Universal Corp. (NYSE: UVV) from Neutral to Buy with a $55 price target, saying risk is better reflected.
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 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 an easy 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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