Market Overview

UPDATE: Stifel Lowers PT on Philip Morris Following Lowered EPS Estimate

Related PM
The Longest Dividend-Paying REITs In The U.S.
It's Not Shopping, It's Market Research: Talking Investing Trends With TD Ameritrade's Nicole Sherrod
Philip Morris' Sampoerna Sets Rights Issue Price at Rp. 77k (Zacks)

In a report published Tuesday, Stifel analyst Christopher Growe reiterated a Buy rating on Philip Morris International (NYSE: PM), but lowered the price target from $100 to $95.00.

In the report, Stifel noted, “Philip Morris' stock price has been weak over the last month or so pressured by volatile FX conditions and a slowdown in emerging market growth. We continue to approach the second half of 2013 and 2014 with confidence due to strong price realization and an improving (albeit still soft) volume growth environment. Due to the volatility in FX conditions, we are lowering our EPS estimate for 2013 to $5.44 (down $0.03) and for 2014 to $5.89 (down $0.08). These adjustments include no change in our estimate of 11% underlying EPS growth in both years. We are adjusting our target price lower to $95 from $100 to account for the decline in EPS (assuming 16X P/E multiple on 2014 EPS).”

Philip Morris International closed on Friday at $83.44.

Latest Ratings for PM

May 2015JP MorganInitiates Coverage onNeutral
May 2015JP MorganInitiates Coverage onNeutral
May 2015Goldman SachsUpgradesSellNeutral

View More Analyst Ratings for PM
View the Latest Analyst Ratings

Posted-In: Christopher Growe StifelAnalyst Color Price Target Analyst Ratings


Related Articles (PM)

Get Benzinga's Newsletters