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Phillip Morris (PM) shares were up nearly 1% in morning trading Thursday after analysts at Piper Jaffray initiated coverage of the cigarette maker with an "overweight" rating and $131 price target. 

The price target represents an 11.5% upside from the stock's previous closing price of $117.43. 

Analyst Mike Lavery sees potential EPS growth benefits from the launch of the company's vaping apparatus known as iQOS, which supposedly is a healthier choice for smokers. The gains in profit from that product will also offset any headwinds from Asia, Lavery wrote. 

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