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Fly News Breaks for June 26, 2017
PM
Jun 26, 2017 | 07:47 EDT
Cowen analyst Vivien Azer said investors were surprised by the double digit cigarette volume declines reported by Philip Morris in Q1, but she expects the trends to improve sequentially in Q2. Coupled with the continued ramp up of iQos, she remains constructive on the company's ability to deliver strong local currency profits as the volume declines stem from low profit markets. Azer reiterated her Outperform rating and $130 price target on Phillip Morris shares.
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