Shares of tobacco company Philip Morris (NYSE:PM) are flat today after an initial jump at the open. The early morning rally can be attributed to news that the company is expected to receive approval from EU regulators to acquire Swedish Match (OTC:SWMAY).
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However, in order for the deal to go through, the deal will need to be approved by 90% of Swedish Match shareholders. The deadline is currently set for November 4.
Is PM Stock a Buy or Sell?
PM stock has a Moderate Buy consensus rating based on four Buys, two Hold, and zero Sells assigned in the past three months. The average PM stock price target of $103.83 implies 19.85% upside potential.
