Fly News Breaks for January 7, 2020
Jan 7, 2020 | 06:08 EDT
Piper Sandler analyst Michael Lavery raised his price target for Philip Morris International to $114 from $105 and keeps an Overweight rating on the shares. The analyst considers Philip Morris' core cigarette earnings growth and incremental earnings from its iQOS reduced risk platform to be attractive. The company looks well positioned in Europe in 2020, as iQOS is not included in the menthol cigarette ban starting in May, so menthol smokers could be likely to switch to menthol HeatSticks, contends the analyst. Additionally, iQOS has favorable taxes versus cigarettes that drive gross margin accretion, adds the analyst. Lavery raised his 2020 earnings per share estimate from $5.67 to $5.74 and 2021 estimate from $6.11 to $6.18 on currency.
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