SHARES in international tobacco to luxury goods company Richemont surged in Johannesburg on Wednesday following news an international investment bank had increased its target price for the stock. Shortly By 10:30 Richemont shares were up nearly 6% to R98,00. Credit Suisse First Boston said on Wednesday that it has increased its targeted share price on Swiss-based Richemont following an upgrade in the firm’s operating margins. Swiss-listed shares in Richemont, which along with its South African sister company Rembrandt Ltd own a sizeable stake in the world’s second biggest tobacco company, rose to 2 460 Swiss francs on Wednesday from a 2 424 close. British American Tobacco Plc bought Rothmans from the Rupert family in January, creating a new cigarette giant — in size within a whisker of world No 1 Philip Morris.