UPDATE: Jefferies Raises Lorillard's PT

According to a research report published this morning, Jefferies has increased Lorillard's LO PT from $139 to $144. In the report, Jefferies said, "LO offered very disappointing 1Q12 adj. EPS of $1.74, missing our forecast by 32¢. Incl. the effect of wholesale inventory shifts, the miss was only 16¢. In addition, margins were disappointing, partially due to one-time events. That being said, the underlying trends for LO remain strong, adj. volume and pricing were close to our expectations and the company continues to grow market share. We are raising our PT to $144, reiterate Buy." Lorillard closed yesterday at $129.53.