Goldman (NYSE:GS) Likes Philip Morris (NYSE:PM) on Pricing Strength

Goldman Sachs (NYSE:GS) continues to be bullish on Philip Morris (NYSE:PM), citing pricing strength in the near future, even though volume may be softer, remaining flat or possibly declining by about 1 percent.

They raised their 2011 EPS estimate from $4.45 to $4.48 and their 2012 EPS estimate from $5.02 to $5.05.

A major challenge for them is the large tax trend being instituted by a growing number of companies on tobacco and cigarettes.

Goldman still maintains a "Buy" rating on Philip Morris, which closed Tuesday at $59.40, gaining $0.87, or 1.49 percent. Goldman also raised their price target on them from $65 to $70.