Stifel lowered the firm’s price target on Philip Morris to $108 from $114. The company reported a “strong” third quarter, reporting an EPS that beat consensus, organic revenue growth of 9%, and “encouraging” operating profit expansion, the analyst tells investors. The expansion of ILUMA, new products, and less headwind from seasonal factors should support strong user gains in Q4 for its subsidiary IQOS, the firm adds. Shares currently trade at a level the firm does not believe “appropriately reflects PMI’s strong growth profile,” Stifel says.
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