KTCIF - Philip Morris: Secure 6.5% Dividend Yield And Strong IQOS Growth
Introduction
We initiated our Buy rating on Philip Morris (PM) last June. After rising to near $90, shares have fallen with the rest of the market since March, and are now basically flat (including dividends) since our initiation. During this period, PM has significantly outperformed Altria (MO) and Imperial Brands (OTCQX:IMBBY) (on which we had Sell or Neutral ratings for most of this period), but did slightly worse than British America Tobacco (BTI) (upgraded to Buy last month):
Having reviewed PM's 20Q1 results on Tuesday