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Fly News Breaks for October 24, 2016
RAI
Oct 24, 2016 | 08:20 EDT
As previously reported, CLSA downgraded Reynolds American (RAI) to Underperform from Outperform. Analyst Michael Lavery said British American Tobacco's (BTI) $56.50 offer for Reynolds is a moving target and is now worth $55.50. He said a modest increase is possible but does not believe British American is inclined to raise its offer price.
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