According to a research report published earlier today, Credit Suisse has downgraded Philip Morris International PM from Outperform to Neutral, and has increased PT from $85 to $90.
In the report, Credit Suisse commented, “Short and long-term investment positives remain intact: (a) attractive growth potential and good momentum in non-OECD markets, (b) structural pricing power (group already locked in 70% of the variance embedded in its FY EPS guidance), (c) excellent margin visibility (productivity savings and modest leaf cost inflation) and (d) prodigious cash generation & return profile to equity holders (4% dividend yield + 4% buyback yield).”
Philip Morris closed yesterday at $88.61.
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