UPDATE: Stifel Reiterates Buy Rating, Lowers PT on Philip Morris International Following Lowered EPS Estimate

In a report published Tuesday, Stifel analyst Christopher Growe reiterated a Buy rating on

, 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.