Philip Morris falls after Jefferies downgrades to 'hold'
ReutersJan 20, 2026 1:42 PM
Shares of cigarette maker Philip Morris PM.N down about 1% at $172 premarket
Jefferies downgrades rating to "hold" from "buy"; cuts PT to $180 from $220
The new PT still represents 3.6% upside to stock's last close
Brokerage says co has limited re‑rating potential in 2026 as rival British American Tobacco leads growth in U.S. pouches and Japan Tobacco steps up competition in heated tobacco
“Momentum in pouches and heated tobacco, key drivers of PM’s re‑rating has weakened, reducing upside to earnings in 2026,” says Jefferies
12 of 18 brokerages rate stock "buy" or higher, 6 "hold"; median PT is $180 — data compiled by LSEG
Stock down ~33% in 2025
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