In a new report released yesterday, Patria downgraded its long- and short-term recommendations for PM CR stock, from buy to hold. Our target price was raised to CZK10,510 per share (previously CZK 8,555).
Despite the positive perspective in the short-term, the overall growth outlook for PM CR remains less encouraging as rising excise taxes, anti-smoking societal attitudes, and legislative policy shall undermine PM CR’s long-term results. Since PM CR’s current share price has approached our revised per-share target price, we downgraded our recommendations to hold.
Jan Hájek