Philip Morris (PM) Numbers Trimmed at Jefferies on FX Guidance
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Jefferies lowered estimates and its price target on Hold-rated Philip Morris (NYSE: PM) to $94.00 (from $101.00) to reflect most recent FX guidance as outlined at a competitor conference yesterday.
Analyst Owen Bennett commented, "Lower our FY16 and FY17 adjusted EPS by c2% and c7%, respectively, to reflect most recent FX guidance as outlined at a competitor conference yesterday. Our PT also comes in c7%. At the conference, PMI talked about cigarette volume softness, Russian profit dynamics, investment and IQOS trajectory, and Altria speculation We still see risk of organic performance disappointing in FY17. With FX also possibly weighing more than expected, there is risk of de-rating."
The firm cut FY 2016 EPS from $4.97 to $4.63 and FY 2017 EPS from $5.38 to $5.01.
Shares of Philip Morris closed at $87.92 yesterday.
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