Jefferies Raises Price Target on Philip Morris (PM) to $99 Following Investor Day
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Jefferies reiterated a Hold rating on Philip Morris (NYSE: PM), and raised the price target to $99.00 (from $96.00), following the company's investor day. The event highlighted improving industry volumes and sustained pricing power. It showed recent share gains driven by innovation. PM now expects FY16 EPS of USD 4.53 to 4.58 vs. USD 4.45 to 4.55. Improvement largely driven by FX.
Analyst Owen Bennett commented, "The two days enforced our view that we will see exponential growth within vapour in the years ahead. This will have important implications for sector and company valuations. Positioning within this space will become increasingly important with PMI leading the way at present."
Shares of Philip Morris closed at $96.10 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- Skyworks Solutions (SWKS) PT Raised to $92 at Needham & Company Following Solid 1Q Beat and Raise
- PacWest Bancorp (PACW) PT Raised to $60.50 at FIG Partners Following 4Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!