Philip Morris price target raised to $163 from $155 at BofA

BofA raised the firm’s price target on Philip Morris (PM) to $163 from $155 and keeps a Buy rating on the shares. The firm believes Philip Morris had “one of the most positive CAGNY presentations” with an outlook of solid top line growth, “robust” margin expansion and U.S. dollar-based EPS growth that “outshined most presenting consumer companies,” the analyst tells investors in a recap of the Consumer Analyst Group of New York Conference.