Arch Coal, Inc. (NYSE: ACI) was upgraded by Citigroup from a “neutral” rating to a “buy” rating. They cited valuation as the catalyst behind the call.
British Sky Broadcasting Group (BSYBY) was upgraded by UBS AG from a “neutral” rating to a “buy” rating.
EOG Resources (EOG) was upgraded by FBR Capital from a “market perform” rating to an “outperform” rating. They have a price target of $130.00 on the company.
Exelon Co. (EXC) was upgraded by Ticonderoga from a “neutral” rating to a “buy” rating. They have price target of $49.00 on the company.
Imperial Tobacco Group (ITYBY) was upgraded by Citigroup (NYSE:C) from a “hold” rating to a “buy” rating.
St. Jude Medical, Inc. (STJ) was upgraded by Barclays Capital from an “equal weight” rating to an “overweight” rating. They cited valuation as the catalyst behind their call.
Showing posts with label Imperial Tobacco. Show all posts
Showing posts with label Imperial Tobacco. Show all posts
Tuesday, July 19, 2011
Friday, January 7, 2011
Citigroup (NYSE:C) Downgrades Philip Morris (NYSE:PM), British American (AMEX:BTI), Imperial (LSE:IMT)
Citigroup (NYSE:C) cut their outlook on the tobacco industry today, downgrading Philip Morris (NYSE:PM), British American Tobacco (AMEX:BTI) and Imperial Tobacco (LSE:IMT).
The move by Citigroup was prompted by the need for tobacco companies to slash prices because of slowing sales around the world.
Another factor was the huge tax increases to be implemented in Japan, Russia and Spain. That is expected to eventually spread to other countries as well, although it'll take some time.
Also noted by Citigroup was the generic packaging instituted in Australia and Europe and the effect that will have on the tobacco industry.
All three companies mentioned above were downgraded from "Buy" to "Hold" by Citigroup.
British American Tobacco was trading at $$75.68, down $1.27, or 1.65 percent. Philip Morris was trading at $56.26, down $1.46, or 2.55 percent. Imperial Tobacco was trading in London at 1,982, down 37.00, or 1.83 percent.
The move by Citigroup was prompted by the need for tobacco companies to slash prices because of slowing sales around the world.
Another factor was the huge tax increases to be implemented in Japan, Russia and Spain. That is expected to eventually spread to other countries as well, although it'll take some time.
Also noted by Citigroup was the generic packaging instituted in Australia and Europe and the effect that will have on the tobacco industry.
All three companies mentioned above were downgraded from "Buy" to "Hold" by Citigroup.
British American Tobacco was trading at $$75.68, down $1.27, or 1.65 percent. Philip Morris was trading at $56.26, down $1.46, or 2.55 percent. Imperial Tobacco was trading in London at 1,982, down 37.00, or 1.83 percent.
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