Jefferies Boosts Target on Philip Morris (PM) After Strong Q1, But Expects Shares to Trade Sideways
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Price: $188.23 -1.72%
Rating Summary:
17 Buy, 11 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
17 Buy, 11 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Jefferies bumped its price target on Philip Morris (NYSE: PM) higher from $89 to $91 after "very impressive" 1Q12 adj. EPS of $1.25, beating the firm's forecast by 2 cents and consensus by 5 cents.
The firm comments, "PM’s top 10 brands seem to be firing on all cylinders and volume and pricing (LatAm/Canada being a minor exception) were stronger than we thought. Despite the strength, we expect PM to trade sideways for the next few months due to its high valuation (esp. relative to BAT), currency concerns and the Japan headwind for 2Q12."
Jefferies cut from Q2 EPS from $1.38 to $1.35, FY12 was raised from $5.20 to $5.22 and FY13 was raised from $5.85 to $5.91.
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 $86.75 yesterday.
The firm comments, "PM’s top 10 brands seem to be firing on all cylinders and volume and pricing (LatAm/Canada being a minor exception) were stronger than we thought. Despite the strength, we expect PM to trade sideways for the next few months due to its high valuation (esp. relative to BAT), currency concerns and the Japan headwind for 2Q12."
Jefferies cut from Q2 EPS from $1.38 to $1.35, FY12 was raised from $5.20 to $5.22 and FY13 was raised from $5.85 to $5.91.
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 $86.75 yesterday.
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