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Fly News Breaks for April 20, 2018
PM
Apr 20, 2018 | 07:18 EDT
Stifel analyst Christopher Growe said he still believes in iQOS and its "power to reshape" Philip Morris. However, given that the more bullish case for iQOS is now likely delayed following the company's Q1 report and FY18 guidance, Growe lowered his price target on Philip Morris to $100 from $125. He maintains a Buy rating on the shares, which he notes are now trading at a "deep discount" to global consumer staples peers and should see support from the 5% dividend yield.
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