S&P Capital IQ Reiterates its STRONG BUY Rating on Philip Morris International, Target Price Red

October 21 00:00 2011

New York, October 21(RainbowNewsLine.com) – Analyst Esther Kwon of S&P Capital IQ maintains her STRONG BUY recommendation on the shares of Philip Morris International (NYSE:PM), while raising her estimates for the company. The target price has been reduced to $81 from $83.

Analyst Esther Kwon, in a research report published yesterday mentions that the company reported its Q3 EPS substantially ahead of the estimates and Capital IQ consensus, driven by 47% volume growth in Japan due to easy comparisons and competitor difficulties. Philip Morris International’s volumes grew 2.3% in Indonesia, Korea and the Middle East. Although forex trends are less favorable, strong free cash flow is expected due the company’s exposure to fast growing emerging markets, the analyst says. The 2011 estimate has been raised from $4.82 to $4.89.

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