Philip Morris Intl (PM) PT Raised to $101 at Jefferies
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Jefferies analyst Owen Bennett raised estimates and his price target on Philip Morris Intl (NYSE: PM) to $101.00 (from $99.00) but maintained a Hold rating.
Bennett commented, "While PMI has excellent long term growth prospects, including the best positioning in vapour (we increase our PT to USD 101 to reflect momentum here), we believe near term growth expectations have gotten ahead of themselves. With FY17 growth at risk of disappointing (signs of pressures building in the core cigarette business), increased vapour competition, and the name the most expensive across the space, we believe the near term multiple could be pressured."
FY 2016 EPS goes from $4.94 to $4.97 and FY 2017 EPS goes from $5.32 to $5.38.
Shares of Philip Morris closed at $95.57 yesterday.
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