Goldman Sachs Downgrades Philip Morris International (PM) to Neutral, Removes from CL Buy

November 21, 2013 6:49 AM EST Send to a Friend
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Price: $87.45 +0.60%

Rating Summary:
    2 Buy, 11 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 14 | New: 40
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Goldman Sachs downgraded Philip Morris International (NYSE: PM) from Conviction Buy to Neutral with and cut their price target from $103 to $95.

The firm lowered EPS estimates by 4-6% in 2014/15/16 to $5.64/$6.21/$6.85, respectively, due to lower volumes, FX, and higher investment spending in 2014.

"Weaker end market demand and higher investment needs drive our rating downgrade, and we have lowered our 12- month P/E-based price target to $95 from $103 as we incorporate the lower estimates and a lower multiple (16.0X from 16.5X), the latter of which is driven by a murkier near-term outlook," analyst Judy Hong said.

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 $89.30 yesterday.


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