Morgan Stanley Reiterates Overweight, Lowers PT On Philip Morris On Reduced Estimates

In a report published Monday, Morgan Stanley analyst Matthew Grainger reiterated an Overweight rating on

, but lowered the price target from $89.00 to $87.00. In the report, Morgan Stanley noted, "We reduce our 2015/16e EPS in light of recent USD strength, but view dividend coverage as intact even in more onerous scenarios (e.g., further 5% USD appreciation), with PM as capable of enhancing N-T cash flow. We remain OW, with ~10% upside to our $87 PT." Philip Morris closed on Friday at $79.45.