Philip Morris: Credit Suisse raises target price
(CercleFinance.com) - Credit Suisse maintains its neutral rating on Philip Morris International (PMI) shares, while increasing its corresponding target price from 84 dollars to 88 dollars, in a report on the global tobacco players.
"Owing to PMI's first-mover advantage and leading share in HTP, our revised category assumptions translate to a group revenue CAGR of 5.2% p.a. FY21-24 (previously 4.3%)," the broker says.
Based on higher sales in heated tobacco products, the broker has raised its estimates for the group's outer-year margin and earnings, increasing its EPS estimate for 2024 by around 2%.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"Owing to PMI's first-mover advantage and leading share in HTP, our revised category assumptions translate to a group revenue CAGR of 5.2% p.a. FY21-24 (previously 4.3%)," the broker says.
Based on higher sales in heated tobacco products, the broker has raised its estimates for the group's outer-year margin and earnings, increasing its EPS estimate for 2024 by around 2%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.