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PM

Philip Morris

$91.76

-0.12 (-0.13%)

12:45
03/22/19
03/22
12:45
03/22/19
12:45

Philip Morris call volume above normal and directionally bullish

Bullish option flow detected in Philip Morris with 4,954 calls trading, 1.2x expected, and implied vol increasing over 2 points to 23.91%. 4/26 weekly 96.5 calls and Apr-19 90.5 puts are the most active options, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 0.47. Earnings are expected on April 18th.

PM Philip Morris
$91.76

-0.12 (-0.13%)

02/27/19
UBSW
02/27/19
UPGRADE
Target $101
UBSW
Buy
Philip Morris upgraded to Buy from Neutral at UBS
UBS analyst Robert Rampton upgraded Philip Morris to Buy and raised his price target for the shares to $101 from $86. The stock closed yesterday down 11c to $86.51. The company's valuation hinges on its heated tobacco proposition, iQOS, Rampton tells investors in a research note titled "When death and taxes become less certain; upgrade to Buy." And he expects iQOS net revenue to grow from $4B in 2018 to $10.6B by 2021. Net of cannibalization, this translates to 8% annual organic revenue growth through 2021, or "well ahead" of Philip Morris' large European and U.S. peers, says Rampton. "Easy comparisons and a benign tax environment" for 2019 in key markets are also part of the analyst's upgrade to Buy.
02/27/19
02/27/19
UPGRADE

Fly Intel: Top analyst upgrades
Catch up on today's top analyst upgrades with this list compiled by The Fly: 1. Philip Morris (PM) upgraded to Buy from Neutral at UBS with analyst Robert Rampton saying the company's valuation hinges on its heated tobacco proposition, iQOS. 2. Boise Cascade (BCC) upgraded to Buy from Neutral at DA Davidson with analyst Steven Chercover saying that with the "irrational exuberance" having been shaken out of the stock, now is an "attractive entry point." 3. AptarGroup (ATR) upgraded to Outperform from Neutral at Baird. 4. W. R. Berkley (WRB) upgraded to Outperform from Neutral at Credit Suisse, while Cincinnati Financial (CINF) was upgraded to Neutral from Underperform. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/06/19
JEFF
03/06/19
NO CHANGE
JEFF
Gottlieb resignation positive for tobacco sentiment, says Jefferies
The resignation of FDA commissioner Scott Gottlieb is a net positive for tobacco sentiment, particularly for British American Tobacco (BTI) as it should lessen concerns related to any possible action around a menthol ban near term, Jefferies analyst Owen Bennett tells investors in a research note. A potential delay to guidelines around e-vapour restrictions could also support both British American and Imperial Brands (IMBBY), adds the analyst.
03/06/19
MSCO
03/06/19
NO CHANGE
MSCO
Resignation of Gottlieb lowers near-term overhang on Altria, says Morgan Stanley
Morgan Stanley analyst Pamela Kaufman said she expects a positive reaction in tobacco stocks to the news that FDA Commissioner Scott Gottlieb will resign in April as it likely delays the agency's near-term tobacco control objectives. Gottlieb has been very vocal on tobacco regulation and his resignation creates a vacuum in leadership and uncertainty about the agency's strategy for tobacco control until a new head is appointed, though leadership at the Center of Tobacco Products remains intact under Mitch Zeller, Kaufman tells investors. While his resignation reduces the near-term regulatory overhang on Altria (MO), it could be a "mixed bag for e-cigs," as Gottlieb changed his tone last year due to the youth e-cig epidemic but he had previously increased leniency towards the category when he pushed out the PMTA deadline to 2022 from 2018, added Kaufman.

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