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Philip Morris: shares jump on broker comments

( - Shares in Philip Morris International, the maker of Marlboro cigarettes, rose by almost 3 percent to 68.
5 dollars on Friday, helped by a positive broker note.

In a report sent to clients, Piper Jaffray analysts maintain their "overweight" rating on the stock, with a 110-dollar price target.

"Recent stock price declines look overdone, and we remain bullish heading into 2019," the broker wrote in the note.

Piper Jaffray believes PMI's cigarette business remains "strong," with pricing power intact, and adds that the iQOS smoking device has proven "traction" with consumers.

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