Citigroup‘s (NYSE: C) equity research team issued a new price target of $56.00 on Philip Morris International (NYSE: PM) and reiterated its buy rating.
Citi analyst says, “PM has met or beaten consensus every quarter since its spin, but this quarter we think there is a decent chance it will miss consensus EPS ($0.93) by a small amount, and we believe underlying volumes will be disappointing again, at about -3% organic. Given the strong run in the stock (up 9% YTD, outperforming other large-cap consumer names), we think PM could be weak in the period after 22 April.”
Analysts have not provided much activity on PM since February when UBS upgraded Philip Morris to a “buy” rating and Goldman Sachs reiterated PM’s status on its “conviction buy” list. Goldman Sachs currently has a price target of $62.00 on the company.
Philip Morris International (NYSE: PM) closed on Tuesday at $51.30, down 2.21% for the day.
