NEW YORK (TheStreet) -- Shares of Philip Morris (PM) - Get Report are declining 3.72% to $98.11 in mid-afternoon trading on Friday as Britain's decision early this morning to leave the European Union triggered a selloff in global markets amid economic uncertainty. 

U.S. tobacco companies such as Philip Morris are typically viewed as safe investments in times of market volatility, Reuters reports. 

But Philip Morris stock is declining this afternoon because the company generated more than a third of its revenue from the European Union in 2015. 

Rival tobacco companies Altria (MO) and Reynolds American (RAI) are among a handful of stocks trading in positive territory today.

"With Brexit potentially delaying an (interest) rate hike in the U.S., this move likely favors our higher-yielding names, and in particular U.S. tobacco (RAI and MO)," Cowen & Co. analysts wrote in a note cited by Reuters. 

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Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C+.

Philip Morris' strengths such as its good cash flow from operations, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and feeble growth in the company's earnings per share.

You can view the full analysis from the report here: PM

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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