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Philip Morris: Earnings Are Such a Drag

Shares of Philip Morris International (PM) are down again Friday, after they were the worst performer in the S&P 500 on Thursday, following its mixed first-quarter earnings. Investors worried that its new tobacco products are not growing quickly enough (although others saw a buying opportunity). Bank of America Merrill Lynch analyst Lisa  Lewandowski downgraded the shares to Underperform from Neutral and cut her price target to $88 from $113, writing that she is more cautious on IQOS, the company’s electronic tobacco-delivery system, and the unexpected slowdown in Japanese demand.