UPDATE: Stifel Lowers PT on Philip Morris International on More-Than-Expected FX Drag

In a report published Tuesday, Stifel analyst Christopher Growe reiterated a Buy rating on Philip Morris International (NYSE: PM), but lowered the price target from $95.00 to $93.00.

In the report, Stifel noted, “After the market close, Philip Morris provided some additional color on its FY14 EPS outlook indicating that at current spot rates the total unfavorable impact from FX will be roughly $0.40 per share which is well beyond our estimate and the consensus estimate given the $0.31 drag already estimated for 2013. We had modeled a $0.15 drag on EPS in 2014 given our estimate for a -2.5% headwind from translation effects and we are reducing our estimate by $0.25 to $5.45 to reflect this more aggressive FX drag on 2014 earnings.”

Philip Morris International closed on Monday at $86.29.