Jefferies Starts Philip Morris (PM) at Hold
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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."
Shares of Philip Morris closed at $99.21 yesterday.
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