Bank of America/Merrill Lynch Reiterates “Buy” on Philip Morris International (PM)

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Tobacco giant Philip Morris International Inc. ( PM ) late Monday caught some continued bullish commentary from analysts at Bank of America/Merrill Lynch.

The firm maintained its "Buy" rating and $99 price target on PM, which suggests a 12% upside to the stock's Monday closing price of $88.28. Bank of America/Merrill Lynch noted the company's CFO's early retirement is no reason to get negative on the stock.

The analyst commented, "Mr. Waldemer has been CFO since the 2008 spin from Altria and is one of the most respected executives across the CPG industry. To be sure, PM's results have been outstanding under Mr. Waldemer's tenure and he will be missed by the company, and by investors…While we are unhappy to see Mr. Waldemer go, we are confident in the depth of the PM management."


Philip Morris International shares posted small losses in premarket trading Tuesday.

The Bottom Line
We have been recommending shares of Phillip Morris International ( PM ) since Jan.19, when the stock was trading at $73.26. The company has a 3.49% dividend yield, based on last night's closing stock price of $88.28.

Philip Morris International Inc. ( PM ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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