(News Bulletin 247) – Jefferies maintains its buy rating on Philip Morris shares, with a slightly reduced price target of $113 to $111.
Jefferies points out that Philip Morris remains the most popular brand over the long term and that the 2nd quarter has only reinforced this momentum.
Indeed, in terms of turnover, the trends remained very strong with +10.5% in the 2nd quarter and an increase of 7.5 to 8.5% targeted for the entire financial year.
Furthermore, in the two areas where concerns had been raised after the first quarter – namely margins and exchange rates – ‘updates from the second quarter
were also broadly encouraging,’ says the analyst.
According to Jefferies, the biggest short-term risk is a possible tax hike in the EU.
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