BUZZ-Philip Morris falls after Jefferies downgrades to 'hold'

Reuters01-20
BUZZ-Philip Morris falls after Jefferies downgrades to 'hold'

** Shares of cigarette maker Philip Morris PM.N down about 1% at $172 premarket

** Jefferies downgrades rating to "hold" from "buy"; cuts PT to $180 from $220

** The new PT still represents 3.6% upside to stock's last close

** Brokerage says co has limited re‑rating potential in 2026 as rival British American Tobacco leads growth in U.S. pouches and Japan Tobacco steps up competition in heated tobacco

** “Momentum in pouches and heated tobacco, key drivers of PM’s re‑rating has weakened, reducing upside to earnings in 2026,” says Jefferies

** 12 of 18 brokerages rate stock "buy" or higher, 6 "hold"; median PT is $180 — data compiled by LSEG

** Stock down ~33% in 2025

(Reporting by Sanskriti Shekhar in Bengaluru )

((Sanskriti.Shekhar@thomsonreuters.com))

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