Jefferies Maintains a 'Hold' on Philip Morris (PM); Solid Earnings but Environment Still Challenging

July 23, 2012 8:46 AM EDT
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Price: $86.90 +0.36%

Rating Summary:
    3 Buy, 11 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 14 | New: 25
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Jefferies maintains a 'Hold' on Philip Morris (NYSE: PM) price target of $92.00 (from $91.00).

Analyst, Thilo Wrede, said, "PM’s 2Q12 earnings were in line with our f'cast ($1.36) and showed strong underlying growth (+17.7% EPS growth ex. FX/Japan). Despite stronger FX headwinds, PM maintained its guidance. However, with Southern Europe still very challenged, several markets impacted by recent price increases and a potentially further weakening Euro, we maintain our Hold rating on PM for now."

Cutting FY12 EPS estimate from $5.15 to $5.14, but raising FY13 from $5.76 to $5.82.

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 $88.89 yesterday.

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