Philip Morris International Inc
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Consumer Staples : Tobacco | Large Cap Value
Company profile

Philip Morris International Inc. is a holding company. The Company is engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States. Its segments include European Union (EU); Eastern Europe, Middle East & Africa (EEMA); Asia, and Latin America & Canada. The Company's portfolio of international and local brands is led by Marlboro. Its mid-price brands are L&M, Lark, Merit, Muratti and Philip Morris. Its other international brands include Bond Street, Chesterfield, Next and Red & White. The Company also owns various local cigarette brands, such as Dji Sam Soe, Sampoerna and U Mild in Indonesia; Champion, Fortune and Jackpot in the Philippines; Apollo-Soyuz and Optima in Russia; Morven Gold in Pakistan; Boston in Colombia; Belmont, Canadian Classics and Number 7 in Canada; f6 in Germany; Delicados in Mexico; Assos in Greece, and Petra in the Czech Republic and Slovakia.

Closing Price
Day's Change
-0.41 (-0.55%)
B/A Size
Day's High
Day's Low
(Below Average)

10-day average volume:

Wells Fargo's stock gains after UBS backs away from bearish view

1:25 pm ET September 11, 2020 (MarketWatch)

Shares of Wells Fargo & Co. (WFC) rose 0.3% in afternoon trading Friday, after UBS analyst Saul Martinez backed away from his bearish view on the bank, citing potential expense leverage and a more balanced risk-vs.-reward profile given the stock's underperformance this year. The stock has tumbled 55.2% year to date, while the PHLX/KBW Bank Index has dropped 33.0% and the S&P 500 has gained 2.9%. From the post-COVID-19 closing lows, Wells's stock has gained just 7.0% while the bank index has rallied 35.2% and the S&P 500 has soared 48.6%. UBS's Martinez raised his rating to neutral, after being at sell the past four months, and lifted his price target to $24 from $21. He said that while revenue headwinds persist, he has greater confidence in expense reductions and sees potential for multiple expansion towards peer levels as valuations have been discounted to after the stock's underperformance. "Unlike many banks, Wells Fargo has ample room to reduce costs beyond 2022, an important differentiator in a persistently low interest rate environment," Martinez wrote in a note to clients.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

September 11, 2020 13:25 ET (17:25 GMT)

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