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PM

Philip Morris

$75.35

0.8 (1.07%)

10:25
09/11/19
09/11
10:25
09/11/19
10:25

Philip Morris call volume above normal and directionally bullish

Bullish option flow detected in Philip Morris with 5,084 calls trading, 1.8x expected, and implied vol increasing over 1 point to 27.26%. Sep-19 76 calls and Oct-19 70 puts are the most active options, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 0.48. Earnings are expected on October 17th.

PM Philip Morris
$75.35

0.8 (1.07%)

08/28/19
JPMS
08/28/19
NO CHANGE
JPMS
Neutral
Philip Morris selloff on Altria merger talks overdone, says JPMorgan
JPMorgan analyst Celine Pannuti views the selloff in shares of Philip Morris (PM) following confirmation of the company's merger talks with Altria Group (MO) as overdone. The deal leads to value accretion at no premium and U.S. regulatory risks are already embedded in the sector de-rating, Pannuti tells investors in a research note. The analyst also sees the weakness in British American Tobacco (BTI) shares as a buying opportunity. The consideration of a merger between Philip Morris and Altria is a vote of confidence in the U.S. combustibles profit pool, contrary to current market sentiment, says Pannuti. The analyst keeps a Neutral rating on Philip Morris with an $86 price target.
09/04/19
SBSH
09/04/19
NO CHANGE
SBSH
Citi sees 'significant chance' of Philip Morris, Altria deal not going ahead
In the last month, Philip Morris (PM) has fallen 16% and Altria Group (MO) 10% as investors seem skeptical about the benefits of the proposed merger, Citi analyst Adam Spielman tells investors in a research note. As such, there is a "significant chance" that investor skepticism causes the proposed merger to fail, either because the managements call it off, or because it fails to pass one or both shareholder votes, unless the companies can present compelling new reasons for the merger to shareholders, contends the analyst. Should the deal fail, Spielman expects Philip Morris shares to "bounce nicely." If Philip Morris shareholders wanted iQos exposure in the U.S. they could simply buy Altria stock, says Spielman. Furthermore, a merger ensures Philip Morris shareholders are exposed to U.S. cigarette volume declines and regulatory risk, adds the analyst. In addition, while there would be cost synergies of about $600M, boosting combined earnings by about 3%, investors in tobacco are currently focused on sustainable sales growth, not near-term earnings, Spielman writes. "As we stated, we are unconvinced by the arguments we've heard so far," he points out.
09/05/19
MSCO
09/05/19
NO CHANGE
MSCO
Morgan Stanley sees little merit in recombining Philip Morris with Altria
Morgan Stanley analyst Pamela Kaufman believes much of the rationale behind Philip Morris (PM) and Altria's (MO) split in 2008 remains valid and she sees little strategic or financial merit in a potential recombination, which the companies have confirmed they are discussing via a possible all-stock merger of equals. Gaining full control of IQOS in the U.S. does not justify such a transaction and while Philip Morris may be interested in buying Altria to gain exposure to JUUL, Kaufman noted that the former would also inherit the latter's noncompete with JUUL in vaping, impacting its ability to sell other e-cigs. Also, it is unclear if JUUL will be able to replicate its success internationally and there is significant risk in the U.S. given uncertainty around JUUL's FDA approval, she believes. Kaufman has an Equal Weight rating on Altria shares and an Overweight rating on Philip Morris International.
09/10/19
PIPR
09/10/19
DOWNGRADE
Target $49
PIPR
Neutral
Altria Group downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Michael Lavery downgraded Altria Group (MO) to Neutral from Overweight and lowered his price target for the shares to $49 from $64. Following discussions between Altria and Philip Morris (PM) of a potential merger of equals, the analyst has less confidence in Altria's outlook. The analyst says any interest in a deal without a premium could suggest more stress on the underlying fundamentals and management's outlook for the future than he had appreciated. Further, the analyst adds that while potential earnings from the Juul stake may be underappreciated, he's also less confident on Altria's approval from the FTC and FDA. He prefers more clarity from regulators before getting more bullish on the vapor outlook.

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UN

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$NSD

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$NYE

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TYL

Tyler Technologies

$259.19

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BRKR

Bruker

$43.21

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RST

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CYRX

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RYAAY

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SPX

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GOOG

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JPM

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