JPMorgan analyst Celine Pannuti raised the firm’s price target on Philip Morris to $115 from $110 and keeps an Overweight rating on the shares. The analyst says European staples are on course for further normalization of financial performance into 2024 which should lead to the further narrowing of valuation multiples. The firm is positive o the beer sub-sector, saying it offers the best combination of earnings growth at reasonable valuations. It remains “wary of high valuation stocks” given the risks of convergence in multiples.
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