JPMorgan Downgrades This Cigarette Maker Citing Recent Tensions In Ukraine

by Shivani Kumaresan, Benzinga Staff Writer

March 7, 2022 5:58 AM | 1 min read |

JPMorgan analyst Jared Dinges downgraded Philip Morris International Inc PM to Neutral from Overweight with a price target of $110, down from $130, implying a 10.22% upside.
The analyst said the company's Next Generation Products guidance is at risk.
Dinges added that the recent tensions in Ukraine have clouded Philip Morris' ability to achieve its near and medium-term NGP targets, with Russia and Ukraine accounting for 23% of its heated tobacco units volume.
He also said, "external factors will prove too difficult to overcome."
Price Action: PM shares closed lower by 2.62% at $99.80 on Friday.