Philip Morris Intl: Jefferies downgrades stock
(CercleFinance.com) - Jefferies has downgraded its rating on the Philip Morris International (PMI) stock from "buy" to "hold," having cut its target price from 93 dollars to 80 dollars, in a sector report on international major tobacco stocks.
The broker expects PMI to experience a significant loss in market share loss in burnt tobacco in Japan in the second half of the year, with total tobacco volumes in the longer term under the pressure from the rise in vaping and now a smaller contribution of tobacco burned in the US.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker expects PMI to experience a significant loss in market share loss in burnt tobacco in Japan in the second half of the year, with total tobacco volumes in the longer term under the pressure from the rise in vaping and now a smaller contribution of tobacco burned in the US.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.