Wells Fargo Sees Philip Morris USA Boosting Cigarette Prices by 2-3%
Wells Fargo's Bonnie Herzog issued a research note Thursday morning suggesting that the increase in prices would be bullish for the tobacco industry as the move points towards pricing power for the industry.
The pricing will be instituted on Marlboro and L&M brands, and is effective June 10th.
Phillip Morris (NYSE: PM) traded down 0.56 percent to $89.96 midway through Thursday.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.