Lorillard Rating Reiterated by Zacks (LO)
Lorillard (NYSE:LO)‘s stock had its “neutral” rating reiterated by Zacks in a report issued on Friday, American Banking and Market News reports. They currently have a $46.00 price target on the stock. Zacks‘ price objective suggests a potential upside of 5.89% from the company’s current price.
Zacks‘ analyst wrote, “Lorillard’s second quarter earnings of $0.81 per share exceeded the prior-year earnings by 11.0%. It also beat the Zacks Consensus Estimate by a penny. Earnings benefited from top-line growth and tight cost control measures by the company. Net sales also beat the Zacks Consensus Estimate and increased 4.2% from the prior-year period on the back of higher sales of electronic cigarettes. Overall, we are encouraged by the company’s premium brand, Newport which holds a dominant share in the market even with higher cigarette pricing amid overall slowdown in the cigarette industry. In addition, the rising demand for electronic cigarettes is clearly visible in solid e-cigarette brand blu e-Cigs’ sales. However, the declining volumes of cigarettes due to increasing tax and regulatory pressures make the stock volatile. We thus maintain a Neutral recommendation on the stock.”
Lorillard (NYSE:LO) traded up 1.34% during mid-day trading on Friday, hitting $44.02. The stock had a trading volume of 2,197,294 shares. Lorillard has a 52-week low of $36.70 and a 52-week high of $46.81. The stock has a 50-day moving average of $43.09 and a 200-day moving average of $42.61. The company has a market cap of $16.460 billion and a P/E ratio of 13.54.
Lorillard (NYSE:LO) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.81 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.80 by $0.01. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the company posted $2.19 earnings per share. Lorillard’s revenue was up 6.9% compared to the same quarter last year.
A number of other firms have also recently commented on LO. Analysts at TheStreet reiterated a “buy” rating on shares of Lorillard (NYSE:LO) in a research note to investors on Wednesday, July 10th. Separately, analysts at Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Lorillard (NYSE:LO) in a research note to investors on Friday, June 28th. They now have a $48.00 price target on the stock, up previously from $47.00. Finally, analysts at Citigroup Inc. raised their price target on shares of Lorillard (NYSE:LO) to $46.00 in a research note to investors on Friday, June 28th.
One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $55.00.
Lorillard, Inc (NYSE:LO) is the manufacturer of cigarettes in the United States.
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