- Goldman Sachs analyst Bonnie Herzog downgraded Philip Morris International Inc PM to Neutral from Buy with a price target of $100, down from $116, implying a 6.22% upside.
- The analyst thinks that given the risk in the situation of Russia and Ukraine, the management will be forced to lower the FY22 outlook as Philip Morris garners 8% revenue from these places combined.
- Herzog also flagged potential headwinds from currency and user acquisition rates for its heated tobacco brand iQOS due to chip shortages and neo gas supply disruption.
- Philip Morris halted its Russian investments as global companies faced the heat to respond to Russia’s invasion of Ukraine.
- Price Action: PM shares are trading lower by 0.86% at $93.33 in premarket on the last check Tuesday.
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