Philip Morris International (PM) Tops Q3 EPS by 6c, Offers FY Guidance
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Morgan Stanley Reiterates Overweight Rating on Philip Morris (PM) on Higher EPS 2021 Growth Expectations
October 21, 2020 8:18 AM EDTMorgan 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
