UPDATE: Bank of America Raises Price Target on Philip Morris International to $85

According to Bank of America, Philip Morris International (NYSE: PM) price target is raised to $85.

Bank of America said that its PO is now $85, up from $80, based on a higher target valuation of 15x its FX-revised 2013 EPS estimate of $5.66. “Our 2012/13 EPS estimates are both $0.09 below the Street (based only on FX).”

Philip Morris International closed yesterday at $77.32.