Morgan Stanley Reiterates Overweight on Philip Morris International (PM)

Morgan Stanley is out with its report today on Philip Morris International PM, reiterating Overweight. In a note to clients, Morgan Stanley writes, "Despite PM's exposure to a number of challenging international cigarette markets, our analysis of overall industry volume dynamics suggests that PM continued to generate modest retail share growth during 2010. Its business has been particularly resilient in Asia and Latin America, and following the latest data from Japan (April 2011 volumes) we have modestly increased our 2Q11 volume (from -4.6% to -2.9%) and EPS (from $1.18 to $1.20) forecasts. We reiterate our OW rating and $71 price target." Shares of PM closed Tuesday at $68.59, up 0.22% from Monday's close.