- Lorillard (LO -1.9%) trades lower after Morgan Stanley downgrades the company to an Underweight rating.
- The investment firm thinks the takeover premium on Lorillard has outrun itself to offer investors very little upside.
- There's also some caution issued on the risk of the menthol-heavy Newport brand.
- What to watch: Look for a defense from Wells Fargo analyst Bonnie Herzog who is far out on the Lorillard limb.
Morgan Stanley puts the brakes on Lorillard
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