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PM

Philip Morris

$82.98

1.55 (1.90%)

09:36
11/04/19
11/04
09:36
11/04/19
09:36

Philip Morris to end cigarette production in Berlin, take $355M charge

Philip Morris International announced that, as part of its global manufacturing infrastructure optimization, its German affiliate, Philip Morris Manufacturing GmbH reached an agreement with employee representatives to end cigarette production in its factory in Berlin, Germany, by January 1, 2020. In connection with the agreement, Philip Morris expects to record estimated pre-tax charges of approximately $355M. The company expects that most of the pre-tax charges will be recorded in Q4 of 2019 and most of the cash expenditures will occur in 2020. The Berlin factory has a projected 2019 production capacity of approximately 40B units. Approximately 950 employees are impacted under the agreement. Philip Morris Manufacturing GmbH will continue the production of expanded tobacco in Berlin.Cost savings anticipated from the initiative are included in Philip Morris' previously communicated annualized cost efficiencies target of over $1B for the period 2019-2021.

PM Philip Morris
$82.98

1.55 (1.90%)

09/26/19
WELS
09/26/19
NO CHANGE
WELS
Wells Fargo not surprised Philip Morris, Altria Group ended merger talks
Wells Fargo analyst Bonnie Herzog says that while she is dismayed by the announcement that Philip Morris (PM) and Altria (MO) have ended merger talks, she is not all that surprised given the length of negotiations and the litany of negative FDA/health headlines throughout. The analyst expects the stocks to trade up sharply since "clearly the market wasn't in favor of this combination." Herzog adds that it appears to her the talks fell apart over JUUL and the companies announced they have agreed to focus on launching iQOS in the U.S. "as part of their mutual interest to achieve a smoke free future." The analyst continues to believe Philip Morris/Altria have a competitive advantage, especially in this environment, with iQOS. She continues to "strongly recommend" both stocks, with Philip Morris remaining her top stock pick.
10/01/19
BOFA
10/01/19
UPGRADE
BOFA
Buy
Philip Morris upgraded to Buy from Neutral at BofA/Merrill
10/01/19
BOFA
10/01/19
UPGRADE
Target $96
BOFA
Buy
Philip Morris upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Lisa Lewandowski upgraded Philip Morris (PM) to Buy with a price target of $96 after the suspended merger discussions with Altria (MO) amid the heightened risk for U.S. vaping category following reports of lung health concerns. The analyst notes that the whole industry may be impacted by uncertainty around vaping, but she sees Philip Morris rising above the "noise" due to its lack of vaping exposure, strong underlying fundamentals, and potential for offering alternatives to vaping products.
10/01/19
10/01/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Ericsson (ERIC) upgraded to Buy from Hold at Canaccord with analyst Michael Walkley saying since the Q2 earnings report, Ericsson has announced deals with Nex-Tech, RINA, and KDDI, demonstrating continuing 5G momentum. 2. VMware (VMW) upgraded to Outperform from Market Perform at Wells Fargo with analyst Philip Winslow saying investors have been concerned that growing interest in deploying containerized applications into Kubernetes-centric environments will eventually reduce customer demand for VMware's virtualization-centric product portfolio. 3. Tradeweb Markets (TW) upgraded to Overweight from Equal Weight at Barclays with analyst Jeremy Campbell saying recent weakness in the shares "seems largely technical," which presents an "attractive upside opportunity." 4. Scotts Miracle-Gro (SMG) upgraded to Neutral from Underperform at BofA/Merrill with analyst Christopher Carey saying the bar on the company's earnings consensus may be "too low." 5. Philip Morris (PM) upgraded to Buy from Neutral at BofA/Merrill with analyst Lisa Lewandowski citing the suspended merger discussions with Altria (MO) amid the heightened risk for U.S. vaping category following reports of lung health concerns. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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PZZA

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ASML

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UBX

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