Morgan Stanley analyst Pamela Kaufman reiterated an Overweight rating on the shares of Philip Morris International Inc (NYSE: PM) with a price target of $113.
PM’s Investor Day and new mid-term targets reinforced multiple tenets of the analyst’s view of significant further growth opportunities for IQOS in new and existing markets.
Expansion of smoke-free product (SFP) portfolio increases PM’s addressable market and strong Zyn momentum with room is expected to triple brand sales in the U.S. and expand internationally, said the analyst.
The analyst sees significant IQOS growth potential in the U.S. market starting in 2024 with compelling unit economics.
PM provided new mid-term targets from ...