Philip Morris - A Stock For Wealth Or Poverty (MO) Message Board

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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO)

MO 58.40

-1.3%

Dec 18 3:59 PM EST

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To: Demetre Deliyanakis who wrote (6375)	8/21/2003 8:18:06 PM
From: A. Edwards	Read Replies (1) of 6439

Goldman Sachs reiterated OUTPERFORM on MO: August 21, 2003 We reiterate our Attractive view of the tobacco sector and our Outperform rating on MO. IRI cigarette retail sales data for July continued to confirm our view that US cigarette fundamentals are improving. First, overall consumption was essentially flat compared to a year ago. Second, the data showed strong trends for PM-USA, as year- over-year comparisons have become easier. PM-USA's market share increased +0.9 pt. driven by strong performance by Marlboro. Third, we continue to see moderation in the growth of the deep discount segment driven by higher discounting activity by the major cigarette producers. Other major cigarette companies' share performance was mixed; CG showed improvement while RJR and B&W's share each declined versus last year. MO is also on our CIL (Current Investment List) with a 12-month target price of $62, which is based on our sum-of-the-parts analysis.

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