Citi Raises PT on Philip Morris International to $63.50 (PM)

Citi is out with its report today on Philip Morris International PM, raising its price target from $60.50 to $63.50. In a note to clients, Citi writes, "We are transferring coverage of Philip Morris International from Adam Spielman to Vivien Azer in this note and maintain a Hold rating on the stock. We raise our target price to $63.50 (from $60.50), which represents only 5% ETR from current levels. To be sure, PM is a terrific core tobacco holding, however, as outlined herein, there are several factors that we believe will limit upside in PM's shares over the next 12 months." Shares of PM closed Monday at $62.78.