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

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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

DateFirmActionFromTo
Jul 2014Cowen & CompanyInitiates Coverage onMarket Perform
Jul 2014UBSMaintainsNeutral
Apr 2014NomuraMaintainsNeutral

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

 

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