Lorillard, Inc. (LO) Downgraded at Davenport Despite Confidence in Management

Lorillard, Inc. (LO) has been downgraded today by the securities research analysts at investment firm Davenport which downgraded Lorillard from a former “buy” rating to “neutral,” despite standing confidence in Lorillard’s management team and core business success.  Davenport anticipates LO to weaken as June 22nd, 2011 draws closer and noted this is when the revised TPSAC menthol report will be posted by the FDA.  Lorillard does not expect the FDA to ban menthol in cigarettes, however.

Davenport did not give a new price target for LO.  LO gapped down during the normal market open and has been unable to recover during intraday trading with all current sentiment being to the downside for shareholders.

Lorillard is slated to release their next earnings report on July 25th, 2011 and the current consensus EPS estimate is just over the two dollar mark at $2.01.  Lorillard’s last earnings report was released on April 26th, 2011 and announced EPS of $1.71 with revenue totaling $1.056 billion which was up 14.4 % year to year.  LO is currently trading between its 50 & 200-day moving averages and 2011 is currently an up year for the company despite a recent downturn in share valuation.

Lorillard, Inc. is the third largest manufacturer of cigarettes in the United States. Founded in 1760, Lorillard is the oldest continuously operating tobacco company in the United States.  The company has market capitalization of $14,291,00,000 and143,705,000  shares outstanding.  LO has a 52-week high of $116.90 with the low being $70.80 dollars.

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