Jefferies Starts Philip Morris (PM) at Hold
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Jefferies initiates coverage on Philip Morris (NYSE: PM) with a Hold rating and a price target of $96.00.
Analyst Owen Bennett commented, "We initiate on PMI with a Hold, target price of 96 USD and 12 month TSR of c1%. PMI is now the most expensive name across global tobacco. Its strong organic performance, focus on the vapour opportunity, and its tendency (incorrectly in our view) to trade in line with the US domestic names has driven re-rating. A slowdown to more normalised growth in FY17, a muted outlook for dividend development and vapour competition should trigger some multiple give back."
Shares of Philip Morris closed at $99.21 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Philip Morris International (PMI) Declares Regular Quarterly Dividend of $1.04 Per Share
- Guggenheim Reiterates Buy on United Natural Foods (UNFI) Following 1Q Report
- Morgan Stanley Assumes Alibaba (BABA) at Overweight; Positive on Ecosystem and AliCould
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
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!