Philip Morris Intl, Reynolds raise 2009 estimates

Tobacco companies Reynolds American Inc (RAI.N) and Philip Morris International (PM.N) raised their 2009 earnings forecasts on Thursday, showing that tax hikes and recession were not hitting tobacco companies as hard as had been anticipated.

Both companies posted better-than-expected earnings, but shares of Philip Morris', the maker of Marlboro cigarettes, forged ahead of Reynolds because its international markets are seen as having better long-term growth prospects.

"We continue to think that Philip Morris is the strongest player in the international tobacco industry," Morningstar analyst Philip Gorham wrote in a research note.

Read Full Article from Reuters

- Posted: 2009-07-23 15:38:43

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