Tobacco giant Reynolds American, Inc. ( RAI ) on Wednesday saw its price target raised by analysts at Citigroup, following a recent meeting with company management.
The firm said it boosted its price target on RAI from $39.50 to $43. That new target suggests a 9% upside to the stock's Tuesday closing price of $37.97.
Citigroup also maintained its "Buy" rating on the stock, noting it came away from a recent meeting with RAI management with renewed confidence in the company.
Reynolds American shares were mostly flat in premarket trading Wednesday.
The Bottom Line
We have been recommending shares of Reynolds American ( RAI ) since June 17, 2009, when the stock was trading at $18.16. The company has a 5.58% dividend yield, based on last night's closing stock price of $37.97.
Reynolds American, Inc. ( RAI ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.6 out of 5 stars.
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