Jefferies Starts Philip Morris (PM) at Hold
- Wall Street drops as healthcare stocks weigh
- Unusual 11 Mid-Day Movers 9/28: (AVXL) (SPU) (HLIT) Higher; (GALT) (TPX) (FGP) Lower
- Bernstein's Sacconaghi Sees Stronger Apple (AAPL) iPhone ASPs
- Fed may change stress tests, capital buffers for U.S. banks: Yellen
- BlackBerry (BBRY) Tops Q2 EPS by 5c; Will End Internal Hardware Development; Boosts FY17 Outlook
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk 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
- UPDATE: Morgan Stanley Downgrades Shopify (SHOP) to Equalweight Following Recent Gains
- Oppenheimer Reiterates Outperform on Cintas Corp. (CTAS) Following 1Q Report
- UPDATE: Brean Capital Downgrades Nike (NKE) to Hold
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!