Philip Morris International (NYSE:PM) has just announced its earnings, and shares have been pulling back following the news tremendously. The stock is a dividend champion, and anytime we see a sizable pullback, we become intrigued. This however, is ridiculous. It is our thesis that the stock is too attractive to pass up despite flat earnings, considering the company's major shift in strategy, as well as the potential for a buyback.
Price action
We first initiated coverage of at $85.50 in fall of 2015. Since then, shares rose 50%, only to have now almost retraced to that original point. Is this another opportunity to buy?
Source: Yahoo Finance, Color edits by BAD BEAT Investing
