UPDATE: Goldman Sachs Upgrades Philip Morris International to Buy on EPS Growth Outlook

Goldman Sachs upgraded Philip Morris International Inc

from Neutral to Conviction Buy and raiseed the price target from $98.00 to $103.00. Goldman Sachs commented, "In our view, PM offers the best combination of growth and yield at a reasonable valuation among large-cap Staples. Key reasons for our upgrade: (1) Solid double-digit EPS growth outlook – We see another year of double-digit EPS growth driven by profitable EM growth, ‘less bad' EU and financial leverage; (2) Manageable regulation – We see limited risk of plain packaging becoming the ‘norm'; and (3) Multiple long-term ‘call option' including China, Next Generation Products (NGPs) and conversion of illicit trade to legal sales." Philip Morris International closed at $87.29 on Thursday.