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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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