(CercleFinance.com) – Philip Morris International gains nearly 1% in New York as Jefferies confirmed its buy rating on the stock today, with an unchanged price target of $113.
The analyst firm says there is some evidence that Philip Morris could buy Syqe, a medical cannabis inhalation company, for up to $650 million. Philip Morris – who has not confirmed the information – had already invested $20 million in this company in 2016.
This company’s lead product is currently available in Israel and Australia, and the company has applied for FDA approval in the United States. It would have received approval from Canada’s health authority in 2021.
According to Jefferies, this operation could potentially lead to a significant increase for Philip Morris, particularly in the field ‘Beyond Nicotine’, or ‘beyond nicotine’, an area in which Philip Morris has not particularly distinguished itself for the moment, suggests the broker.
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