JP Morgan On LO Q1 Results

JP Morgan has issued a report on the Q1 results of Lorillard Inc LO. According to the report, "2011 Q1 adjusted EPS $1.71 (2010 Q1 $1.47) compared with our estimate of $1.54 and Bloomberg consensus of $1.56 (range $1.53-$1.63)... This is a good set of numbers in EPS terms, and a creditable performance in operating terms, we believe. We are modestly increasing our EPS estimates to reflect the lower than expected share count and today's results." LO closed at $99.60 yesterday.