UPDATE: Stifel Nicolaus Increases PT to $80 on Philip Morris
Stifel Nicolaus reiterates its Buy rating on Philip Morris International, Inc. (NYSE: PM) and raises its price target to $80 from $75 per share as EPS is on the rise again.
According to Stifel Nicolaus, “Philip Morris International increased its 2011 earnings guidance to EPS of at least $4.85 from its previous range of $4.75-$4.80 while maintaining its expectation for currency benefit. We take this opportunity to increase our fiscal 2011 estimate to $4.86. In addition, management indicated that it will again meet its mid-to-long term constant currency earnings expectations of EPS growth of 10%-12% in fiscal 2012 barring unforeseen circumstances. We view this as encouraging against the backdrop of a difficult profitability comparison in Japan. We are increasing our 2012 EPS estimate to $5.34 (+10%), up $0.13.”
PM closed at $71.62 on Wednesday.
