Goldman Rates Beam a Buy, Cuts Lorillard Rating Tuesday, October 4, 12:43 PM ET
Goldman Sachs (NYSE:
GS) is choosing its vice today.
The company rated shares of spirits producer Beam (NYSE:
BEAM) a buy today, and even added the stock to its conviction buy list.
Goldman said Beam has an attractive position in its market, and may even be a takeover target. It set a $50 price target on the stock.
But, the firm downgraded cigarette maker Lorillard (NYSE:
LO) from buy to neutral today.
Goldman said that while Lorillard's fundamentals and cash return are solid, it has concerns about the fundamentals of the entire U.S. cigarette market, particularly on menthols.
Beam shares are trading up on Tuesday, its first day as a separate company from Fortune Brands (
Lorillard shares are trading down about 3%.
Rival Altria (NYSE:
MO) is trading down 2%, while Reynolds American (NYSE: RAI) trades down 1.4%.
For MarketNewsVideo.com, I'm Kristin Bianco.
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Goldman Rates Beam a Buy, Cuts Lorillard Rating
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