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Fly News Breaks for April 20, 2016
PM
Apr 20, 2016 | 08:18 EDT
Wells Fargo says that Philip Morris' Q1 results were characterized by strong volumes and share gains. However, the firm says that these positive catalysts were offset by pricing and profit weakness which were "largely driven by tough comps and growth investments." The firm says that the company's reiteration of its currency neutral fiscal 2016 EPS guidance shows its confidence in and the visibility of its underlying growth. Wells reiterates its $109-$111 price target and Outperform rating on the shares.
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