Philip Morris initiated with a Neutral at Redburn Atlantic

Redburn Atlantic analyst Jacob de Klerk initiated coverage of Philip Morris with a Neutral rating and $95 price target. Philip Morris is leading the transformation towards a smoke-free world and has a well-diversified global cigarette network, excluding the U.S. and China, upon which it is building substantial sales of the IQOS brand, the analyst tells investors in a research note. The stock’s premium to the tobacco peers is justified, but there is risk of the company “falling short of ambitious targets.”