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PM

Philip Morris

$85.49

-0.71 (-0.82%)

07:04
04/18/19
04/18
07:04
04/18/19
07:04

Philip Morris sees FY19 reported EPS at least $4.87, consensus $5.09

This full-year guidance reflects: The net impact of the deconsolidation of PMI's Canadian subsidiary Rothmans, Benson & Hedges Inc. (RBH) under U.S. GAAP of approximately $0.12 per share based on final quarter-end figures (compared to the estimate of $0.10 previously disclosed on March 22, 2019), recorded in the first quarter of 2019, which is a non-cash item, as well as the Canadian tobacco litigation-related expense of approximately $0.09 per share announced on March 4, 2019; The exclusion, announced on March 22, 2019, of RBH's previously anticipated net earnings from PMI's consolidated financial statements, from March 22, 2019 to December 31, 2019, of approximately $0.28 per share; Asset impairment and exit costs of approximately $0.01 per share related to a plant closure in Pakistan as part of the optimization of PMI's global manufacturing footprint; An unfavorable currency impact, at prevailing exchange rates, of approximately $0.14; A full-year effective tax rate of approximately 23%, reflecting the current analysis, interpretation and clarifications of the scope and impact of the Tax Cuts and Jobs Act; and assumptions underlying this forecast, and PMI's 2019-2021 targets, as communicated by PMI in its earnings release of February 7, 2019, and reiterated at the CAGNY Conference of February 20, 2019, remain unchanged on a like-for-like basis, except for 2019 operating cash flow, which, due to the impact of the deconsolidation of RBH, is now estimated to be approximately $9.5 billion, subject to year-end working capital requirements.

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PM Philip Morris
$85.49

-0.71 (-0.82%)

02/27/19
02/27/19
UPGRADE

Fly Intel: Top analyst upgrades
Catch up on today's top analyst upgrades with this list compiled by The Fly: 1. Philip Morris (PM) upgraded to Buy from Neutral at UBS with analyst Robert Rampton saying the company's valuation hinges on its heated tobacco proposition, iQOS. 2. Boise Cascade (BCC) upgraded to Buy from Neutral at DA Davidson with analyst Steven Chercover saying that with the "irrational exuberance" having been shaken out of the stock, now is an "attractive entry point." 3. AptarGroup (ATR) upgraded to Outperform from Neutral at Baird. 4. W. R. Berkley (WRB) upgraded to Outperform from Neutral at Credit Suisse, while Cincinnati Financial (CINF) was upgraded to Neutral from Underperform. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/06/19
JEFF
03/06/19
NO CHANGE
JEFF
Gottlieb resignation positive for tobacco sentiment, says Jefferies
The resignation of FDA commissioner Scott Gottlieb is a net positive for tobacco sentiment, particularly for British American Tobacco (BTI) as it should lessen concerns related to any possible action around a menthol ban near term, Jefferies analyst Owen Bennett tells investors in a research note. A potential delay to guidelines around e-vapour restrictions could also support both British American and Imperial Brands (IMBBY), adds the analyst.
03/06/19
MSCO
03/06/19
NO CHANGE
MSCO
Resignation of Gottlieb lowers near-term overhang on Altria, says Morgan Stanley
Morgan Stanley analyst Pamela Kaufman said she expects a positive reaction in tobacco stocks to the news that FDA Commissioner Scott Gottlieb will resign in April as it likely delays the agency's near-term tobacco control objectives. Gottlieb has been very vocal on tobacco regulation and his resignation creates a vacuum in leadership and uncertainty about the agency's strategy for tobacco control until a new head is appointed, though leadership at the Center of Tobacco Products remains intact under Mitch Zeller, Kaufman tells investors. While his resignation reduces the near-term regulatory overhang on Altria (MO), it could be a "mixed bag for e-cigs," as Gottlieb changed his tone last year due to the youth e-cig epidemic but he had previously increased leniency towards the category when he pushed out the PMTA deadline to 2022 from 2018, added Kaufman.
03/25/19
SBSH
03/25/19
NO CHANGE
Target $102
SBSH
Buy
Philip Morris price target raised to $102 from $90 at Citi
Citi analyst Adam Spielman raised his price target for Philip Morris to $102 from $90 citing the general increase in stock multiples. The analyst keeps a Buy rating on the shares. He did, however, reduce his earnings estimates for 2019 by 5% and for 2020 and beyond by 6% after Philip Morris' Canadian unit went into the local equivalent of Chapter 11. So far Canadian litigation has had little visible impact on tobacco shares, even for British American Tobacco (BTI), where the damages are much greater, Spielman tells investors in a research note. He thinks earnings reductions will affect Philip Morris in the short-term. However, in the medium-term the company's value will be determined by its success with reduced risk products, most notably iQos, says the analyst.

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