Jefferies Starts Philip Morris (PM) at Hold

September 21, 2016 6:51 AM EDT
Get Alerts PM Hot Sheet
Price: $99.02 -0.31%

Rating Summary:
    7 Buy, 10 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 8 | Down: 13 | New: 19
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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."

For an analyst ratings summary and ratings history on Philip Morris click here. For more ratings news on Philip Morris click here.

Shares of Philip Morris closed at $99.21 yesterday.



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