Stock Update: Lorillard Inc. (NYSE:LO)

[Zacks] Lorillard Inc. (NYSE:LO) reported adjusted earnings of 90 cents per share in the third quarter of quarter 2014, up 8.4% from the prior-year quarter. Higher cigarette sales and the impact of share repurchases in prior quarters led to earnings growth in the reported quarter. Earnings came in line with the Zacks Consensus Estimate.Stock PerformanceTaking a look at the company’s recent performance, Lorillard Inc. (NYSE:LO) reported third quarter earnings for fiscal 2014 on October ^23rd. The company reported actual earnings per share of $0.90 against the consensus Street estimate of $0.90. This represents year over year growth of 8.4%. Lorillard, Inc. posted revenue of $1.83 billion against estimates of $1.33 billion.Lorillard, Inc. is currently valued at $22.02 billion and closed the last trading session at $61.03. The stock has a 50-day moving average of $59.76 and a 200-day moving average of $59.14.

Is this a Buying Opportunity?There are currently seven analysts that we track that cover the stock. Of those seven, two have a Buy rating, four have a Hold rating and one has a Sell rating. On a consensus basis this yields a score of 2.14 and a Hold. The combined price objective of these covering analysts is $60.71, which represents a 1.38% upside difference to the last closing price.The most recent analyst activity consisted of Zacks reiterating their neutral stance on the company. Zacks has a price target of $63.00 which represents an upside of 5.06% from the last closing price. On the date of the report, the stock closed at $59.91.Another research firm weighing in recently was Morgan Stanley who upgraded equal weight stance on the stock. On August 05^th Morgan Stanley upgraded their price target on the stock from $57.00 to $65.00, or a 7.31% upside to the current price. On the day of the report, LO shares closed at $60.57.Company ProfileLorillard, Inc. (NYSE:LO), through its subsidiaries, manufactures and sells cigarettes in the United States. The company operates through two segments, Cigarettes and Electronic Cigarettes. The Cigarettes segment provides various cigarettes that include approximately 43 product offerings under various brand names comprising Newport, Kent, True, Maverick, and Old Gold. The Electronic Cigarettes segment researches, manufactures, distributes, markets, advertises, and sells electronic cigarettes under the blu eCigs and SKYCIG brand names. The company sells its products primarily to wholesale distributors and retail outlets, as well as directly to adult consumers through the Internet. Lorillard, Inc. was founded in 1760 and is headquartered in Greensboro, North Carolina.