BUZZ-Philip Morris falls after Jefferies downgrades to 'hold'
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Philip Morris shares fell about 1% to $172 in premarket trading after Jefferies downgraded the stock from 'buy' to 'hold' and reduced the price target from $220 to $180. The new target suggests a 3.6% upside from the last close. Jefferies noted limited re-rating potential for 2026 due to increased competition from British American Tobacco and Japan Tobacco, leading to weakened momentum in key growth areas. Currently, 12 of 18 brokerages rate the stock as 'buy' or higher, with a median price target of $180.
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