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Actionable news in PM: PHILIP MORRIS INTERNATIONAL Inc,

Philip Morris (PM) Stock Lower, Gets 'Neutral' Rating at Citi

NEW YORK (TheStreet) -- Shares of Philip Morris (PM) were falling in mid-afternoon trading on Tuesday as Citigroup initiated coverage of the stock with a "neutral" rating and $106 price target.

While it is a "quality company," the firm believes fellow tobacco companies Reynolds American (RAI) and Altria (MO) are superior investments at a similar price.

"We believe domestic tobacco is a more attractive asset class - for example we think litigation risk is now higher in Canada than in the U.S.," Citi wrote in a note earlier today.

The firm believes Reynolds and Altria can rerate further...


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