S&P Equity Research Maintains 'Hold' (*** out of *****) on Shares of R.J. Reynolds Tobacco
October 28 2003 - 4:06PM
PR Newswire (US)
S&P Equity Research Maintains 'Hold' (*** out of *****) on
Shares of R.J. Reynolds Tobacco NEW YORK, Oct. 28 /PRNewswire/ --
Standard & Poor's equity analyst covering alcoholic beverages
and tobacco companies has reiterated the STARS ranking on shares of
R.J. Reynolds Tobacco at "Hold" (*** out of *****) at $48.02 per
share. A leading provider of independent investment research,
ratings and indices, Standard & Poor's made this announcement
through Standard & Poor's MarketScope, its real-time market
intelligence service. "R.J. Reynolds Tobacco and British American
Tobacco agreed to merge their U.S. tobacco businesses to form a new
publicly traded holding company, Reynolds American," says Anishka
Clarke, Alcoholic Beverages and Tobacco Analyst, Standard &
Poor's Equity Research Services. "British American will own 42%,
R.J. Reynolds shareholders will own 58%. The transaction is
expected to close mid-2004 pending the usual approvals. The
transaction will give British American a large presence in the U.S.
and should provide scale economies to R.J. Reynolds. With combined
sales in excess of $10 billion, and volume of about 136 billion
units, Reynolds American should be a formidable competitor to
Altria. After an 11% rise in its shares this morning, we would
continue to hold shares of R.J. Reynolds," concludes Clarke. About
Standard & Poor's STock Appreciation Ranking System (STARS)
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information, visit http://www.standardandpoors.com/. The analyst
quoted above is a Standard & Poor's equity analyst. He has no
affiliation with any company referenced above. He has no ownership
interest in any company referenced above. Standard & Poor's
other affiliates may provide services to the companies that are the
subject of this report. Standard & Poor's analytic services are
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independence of each analytic process. In this regard, STARS, which
are published by Standard & Poor's Equity Research Services,
operates independently from, and has no access to information
obtained by Standard & Poor's Ratings Services, which may in
the course of its operations obtain access to confidential
information. Standard & Poor's analytic services are performed
as entirely separate activities in order to preserve the
independence of each analytic process. In this regard, STARS, which
are published by Standard & Poor's Equity Research Services,
operates independently from, and has no access to information
obtained by Standard & Poor's Rating Services, which may in the
course of its operations obtain access to confidential information.
DATASOURCE: Standard & Poor's CONTACT: John J. Piecuch
Communications Manager (+1) 212-438-1102 Web site:
http://www.standardandpoors.com/
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