UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Reynolds American
In a report published Wednesday, Citigroup reiterated its Buy rating on Reynolds American (NYSE: RAI), but lowered its price target from $50.00 to $48.00.
Citigroup noted, “We rate the shares of RAI Buy. We are encouraged by: (i) improving cigarette market share trends, (ii) the company's success within the high-margin MST category, (iii) steady margin expansion, the result of restructuring savings and positive product margin mix, and (iv) management's commitment to international expansion, first-mover new product introductions and productivity improvements.”
Reynolds American closed on Tuesday at $42.52.
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