Morgan Stanley Maintains Overweight on Philip Morris International

Morgan Stanley is out with its report today on Philip Morris International PM, maintaining Overweight. In a note to clients, Morgan Stanley writes, "Despite industry volume headwinds and moderate regulatory concerns, we remain confident in PM's underlying outlook given its: (i) Superior pricing power; (ii) Consistent volume and share outperformance; (iii) Geographic diversification; and (iv) Capacity for continued sector-leading cash returns." Morgan Stanley maintains a $71 PT on PM. Shares of PM closed Monday at $68.68, down 1.05% from Friday's close.