He reissued his buy last week with the $18 target when the stock was printing $14 on moron shorting and pm hedging into the earnings release. It has now beat that target, so to retain the buy he has to believe another 20% upside is there, so he has raised another 25% or so.
He got hosed as did the buyside and all analysts when fio blindsided last Q... all is well that ends well, and now the analysts can reissue buys and issue serial PT lifts. This is what we want to have happen as long side investors. Shorts will remain Effd until they cover because pm will continue to pull the hedges and those focused on tech sector will want to own clear winners as tech sector begins to outperform for the rest of the year (having badly underperformed all spring).