Jefferies Raises Price Target on Philip Morris (PM) to $99 Following Investor Day
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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.
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