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Cigarette maker Philip Morris International Inc. ( PM ) on Friday caught some positive commentary from analysts at Jefferies & Co.

The firm maintained its "Hold" rating on PM but lifted its price target from $89 to $91. That new target suggests a 5% upside to the stock's Thursday closing price of $86.75.

Jefferies cited PM's "very impressive" first quarter results for the move. The analyst commented, "PM's top 10 brands seem to be firing on all cylinders and volume and pricing (LatAm/Canada being a minor exception) were stronger than we thought. Despite the strength, we expect PM to trade sideways for the next few months due to its high valuation (esp. relative to BAT), currency concerns and the Japan headwind for 2Q12."

Accordingly, Jefferies lowered its second quarter estimates for the company, but lifted its full-year 2012 and 2013 outlook.

Philip Morris International shares posted modest gains in premarket trading Friday.

The Bottom Line
We began re-recommending shares of Phillip Morris International ( PM ) on Jan.19, when the stock was trading at $73.26. The company has a 3.55% dividend yield, based on last night's closing stock price of $86.75.

Philip Morris International Inc. ( PM ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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