S&P MAINTAINS STRONG BUY RECOMMENDATION ON SHARES OF PHILIP MORRIS INTERNATIONAL
3:25 PM ET 1/18/13 | S&P Marketscope
Ahead of results expected on February 7, we forecast 2012 EPS of $5.21 and keep our $101 target price, based on forward multiple analysis. After cycling difficult comparisons, particularly from gains in Japan as competitors had supply difficulties as well as from robust gains in Korea and Indonesia, we project a return to double digit EPS growth in Q4 and forecast Q4 EPS of $1.21, vs. $1.10. While Europe is likely to remain challenging, we look for healthy growth from emerging markets. We find the shares compelling, given free significant cash flow generation.