Stifel analyst Matthew Smith reiterated Philip Morris International Inc (NYSE: PM) with a Buy and a $114 price target.
Philip Morris held its biannual investor meeting last week outlining its continued transformation, including new medium-term growth targets and highlighting the revenue growth and margin mix benefits from its smoke-free products.
The company's smoke-free ambitions and the mix benefit to the overall company from this transformation were on full display, with the company highlighting the advantaged profitability of IQOS and ZYN relative to its combustible business and the advantaged profitability of its products in the U.S. relative to international markets.
New medium-term guidance ...