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PM

Philip Morris

$80.84

0.745 (0.93%)

05:46
06/15/18
06/15
05:46
06/15/18
05:46

Philip Morris announces results from new clinical study on IQOS

Philip Morris announces the positive results from a new clinical study on IQOS, the company's most advanced smoke-free product. The Exposure Response Study, or ERS, measured the biological response of people who switch to IQOS for six months compared with continued smoking. The study met its primary objective, demonstrating that after six months, eight measures of biological response improved in those who switched to IQOS. PMI's Scientific Assessment Program has rigorously tested IQOS over more than 7 years and supports that switching to our most advanced smoke-free product is likely to present less risk of harm than continuing to use cigarettes. Numerous aerosol chemistry and physics measurements demonstrate that IQOS aerosol contains an average of 90-95% lower levels of harmful constituents. Our results support that these reduced emissions translate to reduced toxicity in the laboratory and to reduced exposure in clinical studies. The ERS contributes an important new facet to PMI's research: it begins to explore the impact of these promising results by measuring the biological response of people who switch to IQOS compared with those who continue to smoke. "These results are very encouraging. We believe this study on IQOS is the first ever clinical study of this magnitude to directly assess the risk-reduction potential of a smoke-free product in people who switch to it. Everything we've seen, including these new results, continues to point in the direction of risk reduction," said Frank Luedicke, PMI's Chief Medical Officer. "We are sharing the results with the scientific community at multiple conferences over the next few months and we look forward to their feedback."

PM Philip Morris
$80.84

0.745 (0.93%)

06/08/18
STFL
06/08/18
NO CHANGE
STFL
Buy
Philip Morris dividend increase earlier, larger than expected, says Stifel
Philip Morris's 6.5% dividend increase announced today is not only off-cycle, but also of greater magnitude than the last three increases, which have averaged just over 2%, Stifel analyst Christopher Growe tells investors in a research note. The analyst highlights the company's nearly 6% dividend yield and "deep discount" to global Consumer Staples peers. He keeps a Buy rating on Philip Morris.
05/18/18
STFL
05/18/18
NO CHANGE
Target $100
STFL
Buy
Stifel highlights four potential catalysts that could boost Philip Morris shares
Stifel analyst Christopher Growe noted Philip Morris shares are trading at a valuation "well below" recent history for the stock and below Consumer Staples peers and the S&P 500. He reiterates his Buy rating on Philip Morris, highlighting four potential catalysts that the could move the stock higher, namely iQOS share growth in Japan; iQOS share growth in the EU; PMTA approval in the U.S.; and share repurchase activity. Growe keeps a $100 price target on Philip Morris shares.
04/20/18
04/20/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Procter & Gamble (PG) downgraded to Neutral from Buy at BofA/Merrill and to Hold from Buy at Deutsche Bank aw well as Argus. 2. Philip Morris (PM) downgraded to Buy from Conviction Buy at Goldman Sachs and to Underperform from Neutral at BofA/Merrill. 3. DHT Holdings (DHT) downgraded to Neutral from Overweight at JPMorgan with analyst Noah Parquette saying he has become more constructive on a crude tanker recovery in 2019 but cites relative valuation for the downgrade on DHT. 4. Skechers (SKX) downgraded to Neutral from Outperform at Wedbush with analyst Christopher Svezia citing the company's first quarter results. 5. Tyson Foods (TSN) downgraded to Hold from Buy at Vertical Group. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/20/18
MSCO
04/20/18
NO CHANGE
MSCO
Morgan Stanley says $25B loss in Philip Morris market cap hard to comprehend
Morgan Stanley analyst Matthew Grainger called Philip Morris' largest-ever single day decline yesterday, which knocked $25B off its market cap, "difficult to comprehend" and reflective of "a complete crisis of faith in iQOS' potential value creation." However, he notes that a reduction in iQOS share to 16% in 2025 versus his prior 26% expectation would have only a $3 per share impact on his valuation of Philip Morris shares. Grainger, who sees "exceptional value" in Philip Morris shares at current levels, has an Overweight rating and $123 price target on the stock and added that he also views the sympathy weakness elsewhere in the sector as unjustified.

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