Goldman Sachs Group Inc. downgraded shares of Philip Morris International (NYSE:PM) from a buy rating to a neutral rating in a report issued on Thursday, TheFlyOnTheWall.com reports. They currently have $95.00 target price on the stock, down from their previous target price of $103.00.
“We are removing PM from the America’s Conviction Buy List and lowering the rating to Neutral. We lower our EPS estimates by 4-6% in 2014/15/16 to $5.64/$6.21/$6.85, respectively, due to lower volumes, FX, and higher investment spending in 2014. Weaker end market demand and higher investment needs drive our rating downgrade, and we have lowered our 12-month P/E-based price target to $95 from $103 as we incorporate the lower estimates and a lower multiple (16.0X from 16.5X), the latter of which is driven by a murkier near-term outlook. Since adding PM to the Conviction Buy List on Jan 11, 2013, the shares are +2.5% vs. the S&P500 +21.5%.,” Goldman Sachs Group Inc.’s analyst wrote.
Several other analysts have also recently commented on the stock. Analysts at TheStreet reiterated a hold rating on shares of Philip Morris International in a research note to investors on Tuesday, November 12th. Finally, analysts at Zacks reiterated a neutral rating on shares of Philip Morris International in a research note to investors on Monday, October 21st. They now have a $91.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. Philip Morris International currently has an average rating of Hold and a consensus target price of $94.75.
Shares of Philip Morris International (NYSE:PM) traded down 0.06% during mid-day trading on Thursday, hitting $86.55. 2,378,793 shares of the company’s stock traded hands. Philip Morris International has a one year low of $82.44 and a one year high of $96.73. The stock’s 50-day moving average is $88. and its 200-day moving average is $88.97. The company has a market cap of $138.7 billion and a P/E ratio of 16.44. Philip Morris International also saw unusually large options trading on Wednesday. Investors acquired 12,647 call options on the stock. This is an increase of approximately 239% compared to the average volume of 3,734 call options.
Philip Morris International (NYSE:PM) last released its earnings data on Thursday, October 17th. The company reported $1.44 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $1.44. The company had revenue of $7.90 billion for the quarter, compared to the consensus estimate of $7.96 billion. During the same quarter in the prior year, the company posted $1.38 earnings per share. The company’s quarterly revenue was up .1% on a year-over-year basis. Analysts expect that Philip Morris International will post $5.40 EPS for the current fiscal year.
Philip Morris International Inc (NYSE:PM) is a holding company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.