Jefferies & Company Reiterates Hold Rating, $91 PT for Philip Morris International

In a report published earlier today, Jefferies & Company, Inc. reiterated its Hold rating and $91.00 price target for Philip Morris International (NYSE: PM).

Jefferies went on to say “PM's analyst day presented a company that is aware of its short term challenges but very confident in its excellent long term outlook. 2Q12 will include the well publicized headwind from the Japan profit windfall and weak volume in Europe due to the economy. In the longer run however, the company should benefit from its brand investments and innovation, both for conventional cigarettes and next generation products.”

Philip Morris International closed on Friday at $86.01.