In a report published Monday, Morgan Stanley analyst Matthew Grainger reiterated an Overweight rating on Philip Morris International Inc. PM, but lowered the price target from $89.00 to $87.00.
In the report, Morgan Stanley noted, "We reduce our 2015/16e EPS in light of recent USD strength, but view dividend coverage as intact even in more onerous scenarios (e.g., further 5% USD appreciation), with PM as capable of enhancing N-T cash flow. We remain OW, with ~10% upside to our $87 PT."
Philip Morris closed on Friday at $79.45.
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