Philip Morris price target raised to $130 from $110 at Barclays

Barclays raised the firm’s price target on Philip Morris to $130 from $110 and keeps an Overweight rating on the shares. Tobacco stocks had a strong Q2 as market multiples are set not on what is happening now, but on what could happen in the terminal year, the analyst tells investors in a research note. The firm rolled forward its price targets by six months and increased multiples by 10%.