Philip Morris price target lowered to $108 from $109 at BofA

BofA analyst Lisa Lewandowski lowered the firm’s price target on Philip Morris to $108 from $109 and keeps a Buy rating on the shares. While this year is expected to be another investment year, the firm thinks Philip Morris is “positioning itself favorably for the long term” as it likes the company’s yield and strategy to shift smokers to higher-margin, less-harmful alternatives, the analyst tells investors in a Q1 U.S. tobacco preview note.