Deutsche Bank Maintains Buy Rating and $75 PT on Philip Morris International

A Q3 preview from Deutsche Bank reiterates its Buy rating and $75 price target on Phillip Morris International (NYSE: PM).

In the report, Deutsche Bank writes, “We expect the detail of PMI's Q3 numbers to confirm that 2011 should be a very strong year for PMI's overall profit growth. However, a strengthening of the dollar since Q2 figures in July causes us to move our FY EPS forecast down to $4.69, just below the H1 guidance range of $4.70 to $4.80. Nonetheless, we believe that the stock continues to offer investors a combination of excellent value (particularly via the dividend) and low-risk, dependable earnings and cash flow growth."

PM closed Friday at $67.40.