UPDATE: Goldman Sachs Downgrades Philip Morris International on Move to the Sidelines Until Visibility Improves

In a report published Thursday, Goldman Sachs analyst Judy E. Hong downgraded the rating on

from Conviction List-Buy to Neutral, and lowered the price target from $103.00 to $95.00. In the report, Goldman Sachs noted, “We are removing PM from the America's Conviction Buy List and lowering the rating to Neutral. We lower our EPS estimates by 4-6% in 2014/15/16 to $5.64/$6.21/$6.85, respectively, due to lower volumes, FX, and higher investment spending in 2014. Weaker end market demand and higher investment needs drive our rating downgrade, and we have lowered our 12-month P/E-based price target to $95 from $103 as we incorporate the lower estimates and a lower multiple (16.0X from 16.5X), the latter of which is driven by a murkier near-term outlook. Since adding PM to the Conviction Buy List on Jan 11, 2013, the shares are +2.5% vs. the S&P500 +21.5%.” Philip Morris International closed on Wednesday at $89.30.