Philip Morris International Inc (PM)

[EZ2]

Ahead of the Bell: JPM names Philip Morris 'favorite' stock
Wednesday April 16, 9:06 am ET

JPMorgan analyst rates Philip Morris International 'Overweight' as favorite U.S.-listed stock


NEW YORK (AP) -- A JPMorgan analyst named cigarette market Philip Morris International his "favorite U.S. listed stock" Wednesday due to its sales in emerging markets.
Erik Bloomquist began coverage of Philip Morris shares at "Overweight," placing the stock on his Analyst Focus List. He set a target of $62 per share for the maker of Marlboro and other brands, implying he expects the stock will rise 28.6 percent over the next year.

Philip Morris International Inc. faces no risks from a U.S. recession because all of its business is done overseas, he said, forecasting double-digit profit growth in each of the next two years.

About two-thirds of the Rye Brook, N.Y., company's sales are in emerging markets, Bloomquist said, with the strongest sales growth in Eastern Europe, Africa and the Middle East. Those areas are becoming more profitable, he added.

Philip Morris was spun off from Altria Group Inc. in March. In a separate client note, Bloomquist downgraded Altria stock to "Neutral" from "Overweight."