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Fly News Breaks for July 28, 2017
PM
Jul 28, 2017 | 11:05 EDT
Piper Jaffray analyst Michael Lavery views the selloff in shares of Philip Morris on the FDA's comments as a buying opportunity. Philip Morris, with no cigarette sales "whatsoever" in the U.S., is trading off in sympathy with the group, though today's news is likely net positive for the company, Lavery tells investors in a research note after the FDA announced intentions to reduce nicotine levels in cigarettes. He reiterates an Overweight rating on Philip Morris with a $134 price target
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