- 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.
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