Goldman Sachs Downgrades Philip Morris (PM) to Buy

Goldman Sachs downgraded Philip Morris (NYSE: PM) from Conviction Buy to Buy with a price target of $102.00 (from $109.00).

Analyst Judy Hong says "We remove PM off the Americas Conviction list as currency uncertainty adds downward estimate revision risk, but we maintain our Buy rating. We highlight that at spot rates the potential headwind for PM’s 2017 earnings of $0.24 remains lower than seen in the past three years, and we continue to be encouraged by progress on iQos with 2017 likely to bring greater visibility into the commercialization roll-out while we estimate iQos could contribute 2.8% to total volumes."

For an analyst ratings summary and ratings history on Philip Morris click here. For more ratings news on Philip Morris click here.

Shares of Philip Morris closed at $91.84 Friday.

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