Nomura Securities Starts Philip Morris (PM) at Neutral; Catalysts Done, Says Analyst

Nomura Securities initiated coverage on Philip Morris (NYSE: PM) with a Neutral rating and a price target of $73.60. Analyst Owen Bennett thinks catalysts are done for now.

"A number of concerns that we previously highlighted have come to the forefront of expectations/guidance (Indonesian slowdown, Japan competition/price levels, persistent Philippines profit erosion, margin pressure from need to re-invest, full treatment of FX impacts, contracting buy-back scale). We move to Neutral now that those catalysts are behind us and given the potential for more helpful commentary on some key markets in the next quarter. Our target price of USD 73.6 implies a TSR outlook of -3%," said Bennett.

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 $82.89 yesterday.

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