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Benzinga
Benzinga
Business
Shivani Kumaresan

Read Why Goldman Sachs Downgraded This Cigarette Maker

Goldman Sachs Philip Morris PM Russia NYSE Philip Morris International Inc Ukraine
  • Goldman Sachs analyst Bonnie Herzog downgraded Philip Morris International Inc (NYSE:PM) to Neutral from Buy with a price target of $100, down from $116, implying a 6.22% upside.
  • The analyst thinks that given the risk in the situation of Russia and Ukraine, the management will be forced to lower the FY22 outlook as Philip Morris garners 8% revenue from these places combined.
  • Herzog also flagged potential headwinds from currency and user acquisition rates for its heated tobacco brand iQOS due to chip shortages and neo gas supply disruption.
  • Philip Morris halted its Russian investments as global companies faced the heat to respond to Russia’s invasion of Ukraine.
  • Price Action: PM shares are trading lower by 0.86% at $93.33 in premarket on the last check Tuesday.
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