Jefferies Trims Estimates on Philip Morris (PM) Post Q1
Jefferies reiterated a Hold rating and $95 price target on Philip Morris (NYSE: PM) following Q1 results Thursday.
The analyst comments, "PM’s 1Q13 results missed expectations and the co. lowered the full year guidance by 13¢ due to increased FX headwinds – the underlying EPS growth outlook stayed unchanged. We view the results as an indication that the operating environment has become more challenging for PM as it is trying to offset tax increases in the Philippines and Turkey as well as ongoing macro challenges in the EU."
The firm lowered Q2 EPS estimates from $1.50 to $1.49, FY 2013 EPS from $5.75 to $5.64 and FY 2014 EPS from $6.33 to $6.18.
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 $91.69 yesterday, with a 52 week range of $81.10-$96.60.
The analyst comments, "PM’s 1Q13 results missed expectations and the co. lowered the full year guidance by 13¢ due to increased FX headwinds – the underlying EPS growth outlook stayed unchanged. We view the results as an indication that the operating environment has become more challenging for PM as it is trying to offset tax increases in the Philippines and Turkey as well as ongoing macro challenges in the EU."
The firm lowered Q2 EPS estimates from $1.50 to $1.49, FY 2013 EPS from $5.75 to $5.64 and FY 2014 EPS from $6.33 to $6.18.
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 $91.69 yesterday, with a 52 week range of $81.10-$96.60.