Philip Morris International (PM) Tops Q3 EPS by 6c, Offers FY Guidance

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Go back to Philip Morris International (PM) Tops Q3 EPS by 6c, Offers FY Guidance

Morgan Stanley Reiterates Overweight Rating on Philip Morris (PM) on Higher EPS 2021 Growth Expectations

October 21, 2020 8:18 AM EDT

Morgan Stanley analyst Pamela Kaufman has maintained the bank's "Overweight" rating on Philip Morris (NYSE: PM) on the belief that the company is well-positioned to deliver above-algorithm EPS growth in 2021.

PM's stock has underperformed recently, being down 5.8% vs. S&P +0.5% after PMs IQOS volumes missed the Street (19.0 billion HTUs vs. consensus 19.9 billion). Still, PM reported Q3 EPS ahead of expectations ($1.42 vs. Morgan Stanley/consensus $1.36/1.38). Investors were also disappointed that Philip Morris only modestly raised the full year outlook, and was cautious about discussing 2021 expectations.

We view today's share price move as an... More