Bank of America Merrill Lynch Reiterates Buy Rating, $99 PT for Philip Morris

In a company update released earlier today, Bank of America Merrill Lynch reiterated its Buy rating and $99.00 price target for Philip Morris International PM, related to the recent announcement that the company's CFO Hermann Waldemer will be taking an early retirement. BofA Merrill Lynch went on to say “Mr. Waldemer has been CFO since the 2008 spin from Altria and is one of the most respected executives across the CPG industry. To be sure, PM's results have been outstanding under Mr. Waldemer's tenure and he will be missed by the company, and by investors...While we are unhappy to see Mr. Waldemer go, we are confident in the depth of the PM management.” Philip Morris International closed on Friday at $89.13.