UPDATE: Credit Suisse Downgrades Philip Morris; Raises PT

According to a research report published earlier today, Credit Suisse has downgraded Philip Morris International

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.